Go AD-FREE with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

56F 10AA deductions - ITR filing

ITR 375 views 3 replies

Charlie

Manager

1 Points Joined March 2022

Couple of questions:

1. In 56F, under "18. Amount of deduction under section 10A/10AA to which assesse is entitled with working sheet", should this amount be what is claimed in computation or actual available deduction.

For ex: Total profit (in computation of ITR) may be low to fully utilize the 10A benefits. So what should be entered above? What is utilized or what is available.

Question 2

If someone file 56F to claim 10AA deductions by Feb 15th 2022 (in addition to 29B Mat), can they revise it - if so upto what date?

-Raj

Replies (3)

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Joined February 2019

Section 10AA is a provision under the Income Tax Act which allows taxpayers to take deductions for businesses which are established in Special Economic Zones (SEZ).

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Joined February 2019

Section 10AA Deduction has to be calculated on the basis of the following formula: (Profit of business of the unit x Export turnover of the unit) / Total turnover of the business. Export turnover of the unit means consideration relating to export by the undertaking received in or brought into India.

Details relating to the claim by the exporter for deduction under section 10A of the Income -tax Act, 1961.