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of <h1>Amendment to Section 10B: 90% Export Profit Deduction, New Rules for Business Reorganization and Ownership Requirements</h1> Section 10B of the Income-tax Act was amended effective April 1, 2003. The amendment introduces a proviso in sub-section (1), allowing a deduction of ninety percent of profits from exports for the assessment year starting April 1, 2003. Additionally, a new sub-section (9A) specifies that if a business reorganization results in a firm or sole proprietorship being succeeded by a company, the deduction under sub-section (1) will be available to the company, provided that the original owners maintain at least fifty-one percent shareholding in the company during the eligibility period for the deduction.
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