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100% EOU - claim of exemption u/s 10B

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..... 100% EOU - claim of exemption u/s 10B
Query (Issue) Started By: - vipin mittal Dated:- 3-4-2010 Last Reply Date:- 8-4-2010 Income Tax
Got 1 Reply
Income Tax
FACTS WE Swadesh Engg. Industr .....

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..... ies started in 1994 as a Domestic unit manufacturing Nuts & bolts & also doing Job work for the same. We converted ourself in the year 2000 from Domestic unit in to a 100% Export Oriented Unit (EOU). .....

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..... As You know under section 10B of IT Act Profit & Gains from a 100% EOU is fully exempt from I. Tax for a consecutive 10 years. We have claimed the same deduction from Assessment Year 2000-01 to 2009-1 .....

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..... 0. Querry. Under sunset clause Sh. Kamal Nath Honable Minister of Commerce & Industry extended this Period up to 31.03.2010 & further 31.03.2011. Now our Point is can we claim the deduction under sect .....

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..... ion 10B in Assessment Year 2010-11 & 2011-12. Reply By Surender Gupta: The Reply: Not only Mr. Kamal Nath, the than Minister of commerce and industry, our Finance Ministers has also extended the scop .....

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..... e of scope of section 10B in the Finance Act, 2008 and Finance Act (no. 2) 2009 in line with the overall policy of the central government. But there is no relaxation on restriction of 10 years. Theref .....

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..... ore, if you have already exhausted your 10 years tax holiday benefit, you can avail the benefit for the period of further assessment years.
Discussion Forum - Knowledge Sharing .....

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