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of <h1>Tax deduction limits for Indian exporters of film, TV, music and telecast rights for specified assessment years</h1> An Indian company or resident person engaged in exporting or transferring film, television, music, television news software or telecast rights out of India may claim a deduction of specified proportions of profits derived from that business (80% for AY 2001-02, 70% for AY 2002-03, 50% for AY 2003-04, 30% for AY 2004-05; no deduction from AY 2005-06 onward). The foreign consideration must be received in convertible foreign exchange within six months (or extended by the competent authority). Deduction is limited to the share of profits attributable to export turnover, requires an accountant's certificate with the return, is exclusive of other deductions for the same profits, and is disallowed if the business is prohibited by law.
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