Export-related deduction: supporting manufacturers may claim export income deduction when certified Export/Trading Houses assign turnover. Amendment to section 80HHC allows an Indian company or resident individual engaged in export to deduct the whole income from export of goods, but reduces that deduction proportionately where an Export House or Trading House issues a certificate assigning part of its deduction to a supporting manufacturer. A supporting manufacturer may claim deduction for income from sales to such certified Export/Trading Houses; profits are computed either wholly under business income or apportioned by turnover ratio. The supporting manufacturer's deduction requires an accountant's report and a certified Export/Trading House certificate confirming the Export/Trading House has not claimed the deduction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Export-related deduction: supporting manufacturers may claim export income deduction when certified Export/Trading Houses assign turnover.
Amendment to section 80HHC allows an Indian company or resident individual engaged in export to deduct the whole income from export of goods, but reduces that deduction proportionately where an Export House or Trading House issues a certificate assigning part of its deduction to a supporting manufacturer. A supporting manufacturer may claim deduction for income from sales to such certified Export/Trading Houses; profits are computed either wholly under business income or apportioned by turnover ratio. The supporting manufacturer's deduction requires an accountant's report and a certified Export/Trading House certificate confirming the Export/Trading House has not claimed the deduction.
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