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of <h1>Tax Breaks for Export-Driven Businesses: 90% Profit Deduction for New Manufacturing Ventures Receiving Foreign Exchange</h1> The statutory provision outlines special tax deduction rules for fully export-oriented undertakings. It allows a deduction of 90% of profits from export of articles, things, or computer software for ten consecutive assessment years. The provision applies to new manufacturing or production undertakings that are not formed by splitting existing businesses. Eligibility requires export proceeds to be received in convertible foreign exchange within six months. Deductions are no longer available for assessment years beginning from April 1, 2012, and subsequent years. The section provides detailed conditions for claiming tax benefits and defines key terms related to export-oriented businesses.
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