India: Election by export-oriented undertaking must be filed by due date of original return (Supreme Court decision)
A Supreme Court decision concerning election by export-oriented undertaking
A Supreme Court decision concerning election by export-oriented undertaking
The Supreme Court held that in order for a taxpayer to elect not to claim the benefit under section 10B of the Income-tax Act, 1961—a set of special provisions in respect of newly established 100% export-oriented undertakings—the taxpayer must file a written declaration to the assessing officer before the tax return filing due date. The court held that such requirement is mandatory and should be complied with strictly.
Accordingly, the taxpayer’s submission of its declaration not to claim the benefit under section 10B with a revised income return, after the due date for filing its original tax return, was found to be ineffective.
The case is: PCIT v. Wipro Ltd.
Read a July 2022 report [PDF 450 KB] prepared by the KPMG member firm in India
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.