prescribed form for claiming deduction under section 80IBA

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23 October 2017 pl advise for audit form no certified by chartered accountant for claiming deduction under section 80IBA

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Guest (Querist)

24 October 2017 dear expert team pl advise...

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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10 August 2024 To claim a deduction under Section 80-IBA of the Income Tax Act in India, which pertains to the deduction for profits and gains from the business of developing and building affordable housing projects, you need to follow specific procedures and use the prescribed forms.

### **Form 10CCB**

The key form involved for claiming deductions under Section 80-IBA is **Form 10CCB**. This form is used by a Chartered Accountant to certify that the conditions specified for claiming the deduction under Section 80-IBA have been met.

Here’s a breakdown of the process and form involved:

#### **1. Eligibility for Section 80-IBA:**
- The deduction is available to an individual, Hindu Undivided Family (HUF), or a company that is engaged in the business of developing and building affordable housing projects.
- The project should be approved by the competent authority and should meet other criteria set by the Income Tax Act.

#### **2. Documentation and Certification:**
- **Form 10CCB**: This form is used to certify that the conditions for claiming the deduction have been fulfilled. It is issued by a Chartered Accountant.

#### **3. Contents of Form 10CCB:**

The form generally includes the following sections:

- **Part A**: Details of the Assessee
- Name, address, and PAN of the taxpayer
- Details of the project for which the deduction is claimed

- **Part B**: Details of the Project
- The date of approval of the project
- Whether the project meets the conditions specified under Section 80-IBA

- **Part C**: Certification
- Confirmation that the conditions laid down in Section 80-IBA have been adhered to
- Details about the deduction claimed

#### **4. Submission:**
- **To the Tax Authorities**: The form, along with the tax return, should be submitted to the Income Tax Department.
- **Audit Report**: Ensure that the Form 10CCB is certified by a Chartered Accountant and attached to your tax return.

### **Sample Form 10CCB**

You can obtain Form 10CCB from the Income Tax Department’s website or through your Chartered Accountant. The form generally follows a structured format as per the requirements laid out by the Income Tax Act.

#### **Where to Find Form 10CCB:**

- **Income Tax Department’s Website**: Visit the official Income Tax Department’s website for downloadable forms and guidelines.
- **Chartered Accountant**: Your CA will be familiar with the form and can provide you with a completed version based on your project’s details.

#### **Filing Instructions:**

1. **Complete the Form:** Provide accurate details as required in the form. Ensure all sections are filled out correctly and completely.
2. **Get Certification:** Have the form certified by a Chartered Accountant who will attest that the conditions for claiming the deduction under Section 80-IBA are met.
3. **Attach to Return:** Attach the certified Form 10CCB to your income tax return when filing it with the Income Tax Department.

### **Additional Tips:**

- **Verify Details**: Ensure that all details about the project and financials are accurate to avoid any issues during assessment.
- **Consult a CA**: Since this involves legal and financial details, consulting a Chartered Accountant for accurate preparation and certification is crucial.

By following these steps and ensuring compliance with the requirements, you can effectively claim the deduction under Section 80-IBA.

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