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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) Deduction under this section is available to all categories of assessees being individuals, firms companies etc. who derives profits and gains from an undertaking being a unit engaged in the export of articles or things or providing any service for the Ay commencing on or after 1-4-2006, but be .....

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nery and plant previously used for any purpose.However deduction shall be allowed if the total value of the second hand machinery does not exceed 20% of the total value of machinery or plant used in the industrial unit. The assessee should furnish in prescribed form [Form No. 56F] alongwith the return of income, the report of CA certifying that the ddeduction has been correctly claimed in aacordance with the provisions of the section. The assessee has income from export of articles or things or .....

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ng 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 such profits or gains iii.For next 5 Assessment Years - Amount debited to Profit & Loss Account and credited to SEZ Reinvestment Allowance Reserve A/c subject to a maximum of 50% of export profits. Explanation - It has been clarified that the amou .....

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sed - for the purposes of acquiring machinery or plant which is first put to use before the expiry of a period of three years following the previous year in which the reserve was created; until the acquisition of the machinery or plant as aforesaid, for the purposes of the business of the undertaking other than for distribution by way of dividends or profits or for remittance outside India as profits or for the creation of any asset outside India failing which the unutilized or wrongly utilized .....

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