Section 10B of ITA, 1961 : Section 10B: Special Provisions In Respect Of Newly Established Hundred Per Cent Export-Oriented Undertakings
ITA, 1961
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Explanation using Example
Imagine a company named 'TechExports Pvt. Ltd.' that has been established in India to develop and export computer software. The company started its operations in the financial year 2002-03. Here's how Section 10B of the Income-tax Act, 1961 applies to this company:
- TechExports Pvt. Ltd. is considered a 100% export-oriented undertaking as it exports software developed in India to clients overseas.
- For the assessment year 2003-04, the company will be entitled to claim a deduction of 90% of its profits and gains derived from the export of its software as per the provisions of Section 10B(1).
- The company must ensure that the expor...
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