Section 80HHE of ITA, 1961 : Section 80Hhe: Deduction In Respect Of Profits From Export Of Computer Software, Etc
ITA, 1961
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Explanation using Example
Imagine a scenario where Infosoft Pvt. Ltd., an Indian company, develops computer software and exports it to clients in the United States. The revenue generated from these exports amounts to INR 10 crore for the financial year 2001-2002. Infosoft Pvt. Ltd. receives this amount in US dollars, which is convertible foreign exchange, within six months from the end of the financial year.
Under Section 80HHE of the Income-tax Act, 1961, Infosoft Pvt. Ltd. is eligible to claim a deduction of 80% of the profits derived from the export of this software when computing their ...
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