Income Tax Centralized Processing Center (CPC), Bengluru Becomes ISO-27001:2005 Compliant
Centralised Processing Center (CPC) of the Income Tax Department at Bengluru, Karnatka has added one more feather to its cap by becoming ISO 27001 compliant. The ISO-27001 certificate was awarded to CPC by British Standards Institution (BSI).
The ISO- 27001 is an Information Security Management Standard developed by ISO (International Organization for Standardization) aimed at standardizing Information Security management policies and procedures used for managing Information Security aspects of any organization. The standard ensures confidentiality, integrity, and availability of information assets and resources, using standard practices and procedures.
The Income tax Department is fully committed to the objective of safeguarding the confidentiality of taxpayer data and safety of information assets at CPC. The tax administration seeks to achieve the objective by making information security management as an overarching framework at CPC. Compliance to such International Standards of Information Security will give the assurance to taxpayers about the security of financial data in Income Tax returns. The ISO 27001 certification will also garner trust of the most important stakeholder in the program, the taxpayer, and further encourage the taxpayer to engage with the Department through the electronic mode.
Source- PIB
Income Tax
Whether, for the purpose of claiming Sec 10B benefits, it is necessary to obtain approval of STPI authority - YES: High Court
THE assessee company, incorporated in 2003, was engaged in software development. It had started business operations from January, 2004. The assessee prepared accounts for the period 19.12.2003 to 31.3.2005. For the first time, in AY 2005-06, the assessee claimed deduction u/s 10B and filed return of income declaring total income of Rs.38,430/-. The said return was processed u/s 143(1) and subsequently, the case was taken up for scrutiny. The AO while dealing with the claim of deduction u/s 10B, found that the assessee had applied for registration as 100% EOU to Software Technology Parks of India (STPI) and obtained approval only in May, 2005; hence, as per Circular No.1 of 2005 dated 06.01.2005 of the CBDT, the assessee was not eligible for the benefit u/s 10B. Accordingly, AO disallowed the entire claim of deduction u/s 10B on the ground that the assessee had obtained approval from STPI only in May, 2005, which was after the end of the previous year relevant to the AY 2005-06.
The issue before the Bench is - Whether, for the purpose of claiming Sec 10B benefits, it is necessary to obtain approval of the STPI authority. And the answer goes against the assessee
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