India - Income Tax Act 2010 - Saarc

S. 10BA I.T. ACT, 1961 1.120(iii) “export turnover” means the consideration in respect of export 35 [bythe undertaking] of articles or things or computer software receivedin, or brought into, India by the assessee in convertible foreignexchange in accordance with sub-section (3), but does not includefreight, telecommunication charges or insurance attributable to thedelivery of the articles or things or computer software outside Indiaor expenses, if any, incurred in foreign exchange in providing thetechnical services outside India;(iv) “hundred per cent export-oriented undertaking” means an undertakingwhich has been approved as a hundred per cent export-orientedundertaking by the Board appointed in this behalf by the CentralGovernment in exercise of the powers conferred by section 14 36 of theIndustries (Development and Regulation) Act, 1951 (65 of 1951), andthe rules made under that Act;(v) “relevant assessment years” means any assessment years fallingwithin a period of ten consecutive assessment years, referred to in thissection.]37[Explanation 3.—For the removal of doubts, it is hereby declared that the profitsand gains derived from on site development of computer software (includingservices for development of software) outside India shall be deemed to be theprofits and gains derived from the export of computer software outside India.]38[Explanation 4.—For the purposes of this section, “manufacture or produce”shall include the cutting and polishing of precious and semi-precious stones.]39[Special provisions in respect of export of certain articles or things.10BA. (1) Subject to the provisions of this section, a deduction of such profitsand gains as are derived by an undertaking from the export out of Indiaof eligible articles or things, shall be allowed from the total income of theassessee :Provided that where in computing the total income of the undertaking for anyassessment year, deduction under section 10A or section 10B has been claimed,the undertaking shall not be entitled to the deduction under this section :Provided further that no deduction under this section shall be allowed to anyundertaking for the assessment year beginning on the 1st day of April, 2010 andsubsequent years.(2) This section applies to any undertaking which fulfils the following conditions,namely :—(a) it manufactures or produces the eligible articles or things without theuse of imported raw materials;35. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.36. For text of section 14 of the Industries (Development and Regulation) Act, 1951, seeAppendix.37. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.38. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.39. Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 1-4-2004.