FORM NO. 10CCC for Certificate for Housing or Other Activities Related To Highway Project. FORM NO. 10CCC is relevant to enterprises, in cases where such enterprise is executing a highway project, in which housing or other activities are an integral part. The enterprises must obtain a certificate from a chartered Accountant in this form which certifies that housing or other activities which are integral part of a highway project.
(1) For the purpose of sub-section (6) of section 80-IA, the profits of housing or other activities, which are integral part of a highway project, shall be computed on the basis and manner specified below :—
(i) in a case where the annual profits of the housing or other activities which are integral part of a highway project can be arrived at in accordance with the regular method of accounting followed, the profits so arrived at as computed under the provisions of the Act;
(ii) in any other case, the amount of profits arrived at based on the percentage of completion of the activities referred to in clause (i) during the relevant previous year.
(2) Every assessee shall maintain separate accounts for the activities referred to in sub-rule (1) and shall submit a certificate from an accountant, specifying the amount credited to the reserve account and the amount utilised during the relevant previous year for the highway project.
Explanation : For the purposes of this rule, “accountant” means,—
(i) a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or
(ii) any person who, in relation to any State, is, by virtue of the provisions in sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State.
(3) The certificate referred to in sub-rule (2) shall be in Form No. 10CCC
FORM NO. 10CCC
[See rule 18BBE]
Certificate under sub-rule (3) of rule 18BBE
1. I/We have obtained all the information and explanations, from M/s. (Name and address of the assessee) relating to the housing or other activities which are integral part of a highway project referred to in sub-section (6) of section 80-IA, carried on by the assessee during the previous year ended on
2. I/We certify that the deduction claimed by the assessee under section 80-IA of the Income-tax Act, 1961, in respect of the assessment year
is Rs. , which has been worked out in accordance with the provisions contained in sub-rule (1) of rule 18BBE of the Income-tax Rules, 1962, read with sub-section (6) of section 80-IA of the Income-tax Act, 1961.
3. The details of the deduction are given in the Annexure to this Form. In my/our
opinion and to the best of my/our
information and according to the explanations given to me/us
the particulars given in the Annexure are true and correct.
ANNEXURE TO FORM 10CCC
Details of deductions claimed by assessee under section 80-IA (6) of the Income-tax Act, 1961
|1.||Name of the assessee|
Profits of the previous year ended
Amount of profits out of (1) above, credited to reserve account to be utilised for the purposes of highway project as laid down in sub-section (6) of section 80-IA
Amount utilised during the previous year for highway project and debited to the reserve account
|6.||Balance amount in the reserve account||Rs.|
Amount credited to reserve account which has not been utilised for more than three years following the year in which such amount was transferred to the Reserve Account