Deduction for export of film and software allowed for Indian companies when consideration is realized in convertible foreign exchange. Deduction for profits of an Indian company from export or transfer of film, television, music and news software and telecast rights is allowed where consideration is received or brought into India in convertible foreign exchange within six months (or extended by the competent authority). The deductible amount equals profits multiplied by the ratio of export turnover to total turnover. Claim requires a prescribed accountant's certificate with the return. The deduction is exclusive and is unavailable if the business is prohibited by law; definitions and exclusions govern computation of export turnover and profits.
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.
Deduction for export of film and software allowed for Indian companies when consideration is realized in convertible foreign exchange.
Deduction for profits of an Indian company from export or transfer of film, television, music and news software and telecast rights is allowed where consideration is received or brought into India in convertible foreign exchange within six months (or extended by the competent authority). The deductible amount equals profits multiplied by the ratio of export turnover to total turnover. Claim requires a prescribed accountant's certificate with the return. The deduction is exclusive and is unavailable if the business is prohibited by law; definitions and exclusions govern computation of export turnover and profits.
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