Form 10CCF, Download Income Tax Form 10CCF in PDF Format

FORM NO. 10CCF for Report under section 80LA (3) of the Income-tax Act, 1961. FORM NO. 10CCF report of the accountant, which is required to be furnished by the assessee under sub-section (3) of section 80LA shall be in Form No. 10CCF.

(1) Where the gross total income of an assessee,—

  (i) being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone; or

 (ii) being a Unit of an International Financial Services Centre,

includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to—

 (a) one hundred per cent of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or any other relevant law was obtained, and thereafter;

 (b) fifty per cent of such income for five consecutive assessment years.

(2) The income referred to in sub-section (1) shall be the income—

 (a) from an Offshore Banking Unit in a Special Economic Zone; or

 (b) from the business referred to in sub-section (1) of section 6 of the Banking Regulation Act, 1949 (10 of 1949) with an undertaking located in a Special Economic Zone or any other undertaking which develops, develops and operates or develops, operates and maintains a Special Economic Zone; or

 (c) from any Unit of the International Financial Services Centre from its business for which it has been approved for setting up in such a Centre in a Special Economic Zone.

(3) No deduction under this section shall be allowed unless the assessee furnishes along with the return of income,—

  (i) the report, in the form specified by the Central Board of Direct Taxes under clause (i) of sub-section (2) of section 80LA, as it stood immediately before its substitution by this section, of an accountant as defined in the Explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed in accordance with the provisions of this section; and

 (ii) a copy of the permission obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949).

Explanation.—For the purposes of this section,—

 (a) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;

 (b) “scheduled bank” shall have the same meaning as assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934);

 (c) “Special Economic Zone” shall have the same meaning as assigned to it in clause (za) of section 2 of the Special Economic Zones Act, 2005;

 (d) “Unit” shall have the same meaning as assigned to it in clause (zc)
of section 2 of the Special Economic Zones Act, 2005.

FORM NO. 10CCF

[See rule 19AE]

Report under section 80LA (3) of the Income-tax Act, 1961

    1.    I/We
have examined the accounts and records of
(name and address of the assessee with Permanent Account Number) relating to the business of Offshore Banking Unit(s) owned by the assessee, which is/are situated in the Special Economic Zone
(name of the Special Economic Zone) carried on by the assessee during the year ended on 31st March

    2.    I/We
certify that the deduction to be claimed by the assessee under sub-section (1) of section 80LA of the Income-tax Act, 1961, in respect of the assessment year
is Rs
, which has been determined on the basis of the income received by the assessee in convertible foreign exchange. The said amount has been worked out on the basis of the details in Annexure A to this Form.


Date :

Signed

Place :

Accountant

ANNEXURE A

1. Name of the assessee
2. Assessment year
3. Permanent Account Number
4. Name and address of the Offshore Banking Unit(s) in any Special Economic Zone, owned by the assessee—
(Please enclose a copy of the permission(s) obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949.)
5. Gross income of the Offshore Banking Unit from units in Special Economic Zone or a developer of a Special Economic Zone from eligible banking operations referred to in sub-section (2) of section 80LA (in Rs.)
Less :
6. Out of 4 above, gross income which is not received in convertible foreign exchange (in Rs.)
7. Gross eligible income (in Rs.)
Less :
8. Expenses attributable to the gross eligible income (item 7) (in Rs.)
Income eligible for deduction under section 80LA (8 – 9) (in Rs.)

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