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of <h1>Circular Explains Section 80HHC: 100% Tax Deduction for Export Profits, Includes Supporting Manufacturers and Processors from 1991-92.</h1> The circular clarifies the provisions of section 80HHC of the Income-tax Act, 1961, which allows a 100% deduction for profits from the export of goods or merchandise. This benefit extends to supporting manufacturers selling to export houses, provided a disclaimer certificate is issued. From the assessment year 1991-92, processors are included as supporting manufacturers. Deductions are contingent on foreign exchange being received within six months, with possible extensions for genuine hardship. The Finance Act, 1990, mandates inclusion of certain export incentives in business profits for deduction calculations. The circular also defines 'export turnover' and 'total turnover' for uniformity in assessments.
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