{"id":5622,"date":"2018-03-19T17:17:11","date_gmt":"2018-03-19T11:47:11","guid":{"rendered":"https:\/\/www.hostbooks.com\/in\/?p=5622"},"modified":"2018-03-19T17:17:11","modified_gmt":"2018-03-19T11:47:11","slug":"rule-18bbe-computation-profits-certain-activities-forming-integral-part-highway-project-purpose-section-80-ia","status":"publish","type":"post","link":"https:\/\/www.hostbooks.com\/in\/hb\/all-rules\/rule-18bbe-computation-profits-certain-activities-forming-integral-part-highway-project-purpose-section-80-ia\/","title":{"rendered":"Rule – 18BBE, Computation of profits of certain activities forming integral part of a highway project for the purpose of section 80-IA"},"content":{"rendered":"
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18BBE<\/b>.\u00a0<\/b>(1) For the purpose of sub-section\u00a0<\/a>5<\/sup>[(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 :\u2014<\/p>\n\n\n\n\n
(i<\/i>)<\/td>\n<\/td>\nin 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;<\/td>\n<\/tr>\n
(ii<\/i>)<\/td>\n<\/td>\nin any other case, the amount of profits arrived at based on the percentage of completion of the activities referred to in clause (i<\/i>) during the relevant previous year.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

(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.<\/p>\n

Explanation\u00a0<\/i>: For the purposes of this rule, “accountant” means,\u2014<\/p>\n\n\n\n\n
(i<\/i>)<\/td>\n<\/td>\na Chartered Accountant<\/a>6<\/sup>\u00a0within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or<\/td>\n<\/tr>\n
(ii<\/i>)<\/td>\n<\/td>\nany person who, in relation to any State, is, by virtue of the provisions in sub-section (2) of section 226<\/a>7<\/sup>\u00a0of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

(3) The certificate referred to in sub-rule (2) shall be in Form No. 10CCC.]<\/p>\n<\/div>\n

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Reference: www.incometaxindia.gov.in<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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18BBE.\u00a0(1) For the purpose of sub-section\u00a05[(6)] of section 80-IA, the profits of housing or other [\u2026]<\/span><\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1439,1440],"tags":[],"yst_prominent_words":[1527,450,3701,7972,403,7974,4465,905,7973,7971,951,1525,6537,484,1946,6895,1203,458,6354,906],"_links":{"self":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/5622"}],"collection":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/comments?post=5622"}],"version-history":[{"count":0,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/5622\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media?parent=5622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/categories?post=5622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/tags?post=5622"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/yst_prominent_words?post=5622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}