Income Tax Act Section 10A: Export Profit Deductions for New Free Trade Zone Units Ended After AY 2012-13.

Section 10A of the Income Tax Act provided deductions for profits from exports by newly established undertakings in free trade zones, but these provisions are no longer applicable from the assessment year (AY) 2012-13 onwards. Initially, the deduction was 90% of profits from exports, but for units started after AY 2003-04, it was 100% for the first five years and 50% for the next five. Conditions included the reinvestment of profits in new machinery and compliance with specific requirements. No deduction is allowed if income returns are not filed on time, and the section does not apply to undertakings formed by restructuring existing units.