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Section 80IE

Mridul (abcd) (29 Points)

19 February 2011

Hi,

Can someone please tell me the circular number for Income Tax in which deduction U/S 80IE has been claimed and the form number in which the audit report has to be submitted

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Anumanchipalli Sathikonda (Tax Consultant) (1559 Points)
Replied 22 April 2011

Mr.Mrudul

Please refer to sub-section (6) of section 80-IE wherein it has been stated that the provisions conatained in sub-section (5) and sub-sections (7) to (12) of section 80IA shall, so far apply to the eligible undertaking un this section.

Please refer to sub-section (7) of sectin 80IA where in it has been stated that the accounts of the undertaking for the previus year relevant tothe assessment year for which the deduction is claimed have been audited by an accontant, as defined in the Explanaton below sub-section (2) of section 288 and the assesee furnishes, along with his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant.

Please also refer to Rule 18BBB of lncome Tax Rules, 1962 wherein it has been stated that the report of the audit of the accounts of an assessee, which is required to be furnished under sub-section (7) of section 80-IA---be in Form No.10CCB.

Hence we can use the Form No.10CCB for the reason so far till now no seperate form has been prescribed for audit report for the purpose of claiming deduction u/s 80IE. As the said section has come into force from the assesssment year 2008-09 and no seperate form has been prescribed we can presume that the intention of the legislature is to use the same form which is prescribed for the purpose of claiming deduction u/s 80IA(7).

I request other members if anybody has come accross with the new form pleae inform.

Best Wishes

Sathikonda