SEZ tax deduction conditioned on timely return filing and repatriation of export proceeds in convertible foreign exchange.

Entitlement to the section 10AA deduction is conditioned on timely filing of the income-tax return and on receipt in India of export proceeds in convertible foreign exchange within six months of the previous yearend (extendable by the competent authority). Receipt in India is deemed where export turnover is credited to a separate RBI-approved foreign account, and the definition of export turnover excludes certain freight, telecom, insurance and foreign-incurred service expenses.

---

---

---