India - Income Tax Act 2010 - Saarc

S. 10B I.T. ACT, 1961 1.116provisions of this section as it stood immediately before its substitution by theFinance Act, 2000, the undertaking shall be entitled to the deduction referred toin this sub-section only for the unexpired period of aforesaid ten consecutiveassessment years :22[Provided 23 [further] that for the assessment year beginning on the 1st day ofApril, 2003, the deduction under this sub-section shall be ninety per cent of theprofits and gains derived by an undertaking from the export of such articles orthings or computer software:]Provided also that no deduction under this section shall be allowed to anyundertaking for the assessment year beginning on the 1st day of April, 24 [2012]and subsequent years :25[Provided also that no deduction under this section shall be allowed to anassessee who does not furnish a return of his income on or before the due datespecified under sub-section (1) of section 139.](2) This section applies to any undertaking which fulfils all the followingconditions, namely :—(i) it manufactures or produces any articles or things or computersoftware;(ii) it is not formed by the splitting up, or the reconstruction, of a businessalready in existence :Provided that this condition shall not apply in respect of any undertakingwhich is formed as a result of the re-establishment, reconstructionor revival by the assessee of the business of any such undertakingas is referred to in section 33B, in the circumstances and within theperiod specified in that section ;(iii) it is not formed by the transfer to a new business of machinery or plantpreviously used for any purpose.Explanation.—The provisions of Explanation 1 and Explanation 2 to subsection(2) of section 80-I shall apply for the purposes of clause (iii) of this subsectionas they apply for the purposes of clause (ii) of that sub-section.(3) This section applies to the undertaking, if the sale proceeds of articles or thingsor computer software exported out of India are received in, or brought into, Indiaby the assessee in convertible foreign exchange, within a period of six monthsfrom the end of the previous year or, within such further period as the competentauthority may allow in this behalf.22. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. Earlier the second proviso was omittedby the Finance Act, 2001, w.e.f. 1-4-2002. Prior to omission, it read as under :“Provided further that the profits and gains derived from such domestic sales of articlesor things or computer software as do not exceed twenty-five per cent of the total sales shallbe deemed to be the profits and gains derived from the export of articles or things orcomputer software:”23. Substituted for “also” by the Finance Act, 2006, w.e.f. 1-4-2006.24. Substituted for “2011” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009. Earlier “2011” wassubstituted for “2010” by the Finance Act, 2008, w.e.f. 1-4-2008.25. Inserted by the Finance Act, 2006, w.e.f. 1-4-2006.