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of <h1>Board clarifies section 115J book profits computation excludes actual 80HHC/80HHD amounts, only imports calculation method</h1> The circular clarifies computation of book profits under section 115J regarding clause (iii) of the Explanation. It addresses whether the actual amounts quantified under sections 80HHC or 80HHD should be deducted, or only their computation method followed. The Board confirms only the computation manner should be imported, not the amounts themselves. The deduction process involves determining business eligibility for export profit deductions, adjusting net profits per specified clauses, and applying proportionate calculations based on export turnover ratios for mixed businesses to ensure 100% exemption for qualifying export and tourism profits.
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