Export profit allocation revised to a turnover proportionate method and on site foreign software development deemed export. Section 10B is amended to compute exempt profits by applying the ratio of export turnover to total turnover to the undertaking's business profits; the ... Summary
Export profit allocation revised to a turnover proportionate method and on site foreign software development deemed export.
Section 10B is amended to compute exempt profits by applying the ratio of export turnover to total turnover to the undertaking's business profits; the second proviso to subsection (1) is omitted. Explanatory changes exclude certain shareholding changes (public interest conversions or venture capital disinvestment) from adverse treatment, refine wording to attribute export receipts to the undertaking, and deem profits from on site software development outside India to be profits from export of computer software.
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