Tax deduction under section 10B transferable on reorganisation; increased for the relevant assessment year, subject to majority voting power retention. For the assessment year beginning 1 April 2003 the deduction under section 10B is set at ninety per cent of profits from export of articles, things or ... Summary
Tax deduction under section 10B transferable on reorganisation; increased for the relevant assessment year, subject to majority voting power retention.
For the assessment year beginning 1 April 2003 the deduction under section 10B is set at ninety per cent of profits from export of articles, things or computer software. Where a firm or sole proprietary concern is succeeded by a company due to reorganisation and ownership or beneficial interest transfers to the company, the deduction under sub-section (1) shall be allowed to the company as it would have been allowed to the predecessor, provided the partners' or sole proprietor's aggregate shareholding constitutes and continues as a majority of total voting power for the period of eligibility.
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