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of <h1>Income-tax Act Amended: Export Profits Proportionate to Turnover; New Provisions for Software Development Profits</h1> Section 10B of the Income-tax Act is amended by the Finance Act, 2001. The amendment removes the second proviso in sub-section (1) effective April 1, 2002, and replaces sub-section (4) to specify that profits from exports are proportionate to the export turnover relative to total business turnover. A new proviso is added after sub-section (9) to exclude certain shareholding changes from the Explanation's applicability. Additionally, the wording in Explanation 2 is modified, and Explanation 3 is added to clarify that profits from on-site software development outside India are considered export profits.
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