Deduction for export of computer software: profits allowed when consideration is received in convertible foreign exchange. A new provision allows a deduction for profits from export of computer software and related technical services where the assessee is resident in India, conditional on receipt or repatriation of consideration in convertible foreign exchange (including deemed receipt where credited to an RBI approved separate foreign bank account). The deductible amount is apportioned by the ratio of export turnover to total turnover, with exclusions for foreign establishment profits and specified charges; a prescribed accountant's certificate must accompany the return and no double claim under other provisions is permitted.
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Provisions expressly mentioned in the judgment/order text.
Deduction for export of computer software: profits allowed when consideration is received in convertible foreign exchange.
A new provision allows a deduction for profits from export of computer software and related technical services where the assessee is resident in India, conditional on receipt or repatriation of consideration in convertible foreign exchange (including deemed receipt where credited to an RBI approved separate foreign bank account). The deductible amount is apportioned by the ratio of export turnover to total turnover, with exclusions for foreign establishment profits and specified charges; a prescribed accountant's certificate must accompany the return and no double claim under other provisions is permitted.
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