Section 80LA(3) — the law in short
What the courts have decided on section 80LA(3), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Statutory position — section 80LA: a unit in an IFSC gets one hundred per cent for ten consecutive years out of fifteen, at its option
CBDT Circulars & InstructionsCuts both ways
My client has set up a unit in GIFT City. What exactly is the section 80LA deduction, how long does it last, and what has to go with the return?
Section 80LA(1A) allows a Unit of an International Financial Services Centre a deduction of one hundred per cent of the income referred to in section 80LA(2), for any ten consecutive assessment years, at the option of the assessee, out of fifteen years beginning with the assessment year relevant to the previous year in which the permission or registration was obtained. The permission or registration counted for that starting point is one under clause (a) of section 23(1) of the Banking Regulation Act 1949, or under the Securities and Exchange Board of India Act 1992, or under the International Financial Services Centres Authority Act 2019.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.