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of <h1>New Guidance Clarifies Tax Deductions for Tea Exporters u/s 80HHC and Rule 8 of Income-tax Act.</h1> The circular addresses issues faced by tea exporters regarding deductions under section 80HHC of the Income-tax Act, 1961. It clarifies that for taxpayers in the tea growing and manufacturing business, the deduction should be computed after determining the income chargeable to tax under rule 8 of the Income-tax Rules. This rule requires that 40% of the composite income from tea sales is deemed taxable. The deduction under section 80HHC is to be applied after this allocation, as illustrated by provided examples. The guidance aims to ensure consistency and clarity in calculating taxable income for tea exporters.
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