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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1985: New Section 80HHC Offers 50% Tax Deduction on Export Profits for Indian Companies.</h1> The Finance Act, 1985, replaces Section 80HHC of the Income-tax Act with a new provision effective April 1, 1986. This section allows Indian companies or residents engaged in exporting goods from India to claim a deduction of up to 50% of profits derived from such exports. The deduction requires an equivalent amount to be reserved for business purposes. The section applies to goods with proceeds receivable in convertible foreign exchange, excluding mineral oil and minerals/ores. Profits for deduction are calculated based on the proportion of export turnover to total business turnover. Definitions for 'convertible foreign exchange' and 'export turnover' are provided.
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