Tax relief for export turnover allows deduction when exports rise over prior year, subject to government rates and a cap. A new provision grants a tax deduction where an assessee's export turnover in a previous year exceeds that in the corresponding base year by the specified ... Summary
Tax relief for export turnover allows deduction when exports rise over prior year, subject to government rates and a cap.
A new provision grants a tax deduction where an assessee's export turnover in a previous year exceeds that in the corresponding base year by the specified threshold; applicable to Indian companies and resident persons for the assessment year beginning 1 April 1983 and the four subsequent years. The Central Government will notify the goods, export destinations and rates, having regard to manufacturing costs, foreign prices, market development and foreign-exchange needs. The deduction is capped at a proportion of tax otherwise payable on export profits, with rules for computing those profits to be made by the Board.
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