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of <h1>Deduction of Prescribed Percentage of Export-Linked Profits under Section 10B with Phased Reductions and Documentation Conditions</h1> An Indian resident company or person engaged in export of specified goods may deduct a prescribed percentage of profits attributable to exports when computing taxable income, subject to phased percentages (e.g., 80% for AY 2001, declining to nil from AY 2005) and conditions. Deduction requires export proceeds in convertible foreign exchange within prescribed time, exclusion of mineral oil/minerals (except specified processed items), and compliance with documentation: accountant's report and, where applicable, certificates from Export/Trading Houses or SEZ undertakings. Special rules govern supporting manufacturers, computation of export profits (allocation between manufactured and trading goods), treatment of certain duty-related receipts, and exclusion of income not charged to tax.
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