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of <h1>Tax Relief for Exporters: Cut and Polished Diamonds, Gemstones Eligible for Deductions u/s 80-HHC.</h1> Section 80-HHC of the Income Tax Act, 1961, introduced by the Finance Act 1983, allows deductions for export income from assessment year 1983-84 onwards, excluding minerals and ores. However, the export of cut and polished diamonds and gemstones qualifies for this deduction. Raw diamonds cannot be exported, but cut and polished ones can, with supporting documentation from customs. Rough diamonds can be imported for replenishment against exports or under specific licenses, with conditions for re-export. Consequently, exports of cut and polished diamonds and gemstones are eligible for tax relief under Section 80-HHC. Officers should be informed accordingly.
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