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Section 10AA - Special provisions in respect of newly established units in Special Economic Zone (SEZ)

Income Tax - Export Oriented Units (EOU) / Special Economic Zone (SEZ) / Export Promotion Schemes - 02 - SEC - 10AA: SPECIAL PROVISIONS IN RESPECT OF NEWLY ESTABLISHED UNITS IN SPECIAL ECONOMIC ZONE (SEZ) Section 10AA has been inserted to give income-tax concession to newly established units in Special Economic Zone. CONDITIONS: The unit in SEZ begins to manufacture or produce articles or things or provide services during the financial year 2005-06 or any subsequent year. It is not formed by spl .....

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section 10AA is not available unless it is claimed in the return of income. In other words, if the assessee fails to make a claim in his return of income of this deduction, the same will not be allowed (applicable from the AY 2003-04 onwards). CLARIFICATION ON ALLOWABILITY OF DEDUCTION UNDER SECTION 10AA ON TRANSFER OF TECHNICAL MANPOWER IN CASE OF SOFTWARE INDUSTRY The transfer or redeployment of technical manpower from existing units to a new unit located in SEZ, in the first year of commencem .....

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the assessee (enterprise) is at least equal to the number that represents 50 percent of the total technical manpower of the new SEZ unit during such previous year. LIMIT OF DEDUCTION In computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software in any SEZ, the deduction shall be i.For first 5 Assessment Years - 100% of export profits ii.For next 5 Assessment Years - 50% of export profits iii.For next 5 Assessment Years - Amount de .....

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