TMI BlogSpecial provisions in respect of export of certain articles or things.X X X X Extracts X X X X X X X X Extracts X X X X ..... export out of India of eligible articles or things, shall be allowed from the total income of the assessee : Provided that where in computing the total income of the undertaking for any assessment year, deduction under section 10A or section 10B has been claimed, the undertaking shall not be entitled to the deduction under this section : Provided further that no deduction under this sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fer to a new business of machinery or plant previously used for any purpose. Explanation .- The provisions of Explanation 1 and Explanation 2 to sub-section (2) of section 80-I shall apply for the purposes of this clause as they apply for the purposes of clause ( ii ) of sub-section (2) of that section; ( d ) ninety per cent or more of its sales during the previous year relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs in foreign exchange. (4) For the purposes of sub-section (1), the profits derived from export out of India of the eligible articles or things shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things bears to the total turnover of the business carried on by the undertaking. (5) The de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purposes of the undertaking referred to in section 80-IA. Explanation . -For the purposes of this section,- ( a ) convertible foreign exchange means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999), and any rules made thereunder or any other corresp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fined in the Customs Act, 1962 (52 of 1962). ] --------------------------------------- Notes :- 1. Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 1-4-2004. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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