TaxTMI 
TaxTMI 
Special provisions in respect of newly established units in Special Economic Zone (SEZ) - (Old) Section 10AA
X X X X Extracts X X X X
X X X X Extracts X X X X
....all not be allowed to the assessee who does not file ROI u/s 139(1) on or before the due date. [Amended by FA, 2023] Essential conditions to claim deduction:- • The unit in SEZ begins to manufacture or produce articles or things or provide services during the financial year 2005-06 or any subsequent year. • It is not formed by splitting up, or reconstruction, of a business already in existence. However deduction is allowed in case unit is formed by result of re-establishment, reconstruction or revival of the business. • It is not formed by a transfer to a new business of machinery and plant previously used for any purpose. However deduction shall be allowed if the total value of the seco....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... export by the undertaking, being the Unit of articles or things or services received in, or brought into, India by the assessee in convertible foreign exchange, but does not include freight, telecommunication charges or insurance attributable to the delivery of the articles or things outside India or expenses, if any, incurred in foreign exchange in rendering of services (including computer software) outside India. Limit of Deduction In computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software in any SEZ, the deduction shall be: • i. For first 5 Assessment Years - 100% of export profits • ii. For next 5 Assessment Years - 50% of such profits ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ich:- • (i) not be formed by splitting up or reconstruction of unit already in existence • (ii) Should not be formed by transferring machinery or plant previously used. • Export turnover means the consideration in respect of export received in, or brought into India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year period as may be permitted by the RBI, but does not include freight, telecommunication charges or insurance attributable to the delivery of the articles or things or computer software outside India or expenses, if any, incurred in foreign exchange in providing the technical services outside India. • If deduction is c....