TaxTMI 
TaxTMI 
Special provisions in respect of newly established undertakings in free trade zone, etc. - Section 10A
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..... No deduction shall be allowed for the AY 12-13 or thereafter. As per the provisions of this section, deduction of profits and gains as derived by an undertaking from the export of certain articles or things or computer software for a period of 10 consecutive AYs beginning from the AY relevant to the PY in which the undertaking begins to manufacture or produce articles or things or computer soft....
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....rofits as is debited to the profit and loss account subject to creation of "Special Economic Zone Reinvestment Allowance Reserve Account" and fulfillment of conditions relating thereto:- * the amount credited should be utilised for the purpose of acquiring new machinery or plant which is first put to use before the expiry of a period of three years next following the previous year in which the r....
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....) Sale proceeds should be brought in convertible forex within 6 months from the end of P.Y. (iv) Report in Form No.56F, along with the return of income Computation of Profits Points to be noted: * No deduction shall be allowed under Section 80HH or Section 80HHA or Section 80-I or Section 80-IA or Section 80-IB in relation to the profits and gains of the undertaking. * No loss referred to ....
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....r computer software during the previous year relevant to the assessment year commencing on or after AY 2006-07 in any Special Economic Zone. * Notwithstanding anything contained in the foregoing provisions of this section, where the assessee, before the due date for furnishing the return of income u/s 139(1), furnishes to the Assessing Officer a declaration in writing that the provisions of this....