Export profit allocation revised: export profits prorated to export turnover; receipt timing and eligibility exclusions clarified. The amendment requires foreign exchange to be 'received in, or brought into, India' and prescribes a six month conversion period (extendable by the Commissioner), excludes the supporting manufacturer from certain eligibility, replaces the profit computation rule so export profits equal the proportion of business profits corresponding to export turnover, and revises the Explanation to exclude specified sums from total turnover while expanding 'manufacturing' to 'manufacturing (including processing)'.
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Export profit allocation revised: export profits prorated to export turnover; receipt timing and eligibility exclusions clarified.
The amendment requires foreign exchange to be "received in, or brought into, India" and prescribes a six month conversion period (extendable by the Commissioner), excludes the supporting manufacturer from certain eligibility, replaces the profit computation rule so export profits equal the proportion of business profits corresponding to export turnover, and revises the Explanation to exclude specified sums from total turnover while expanding "manufacturing" to "manufacturing (including processing)".
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