India - Income Tax Act 2010 - Saarc

S. 10C I.T. ACT, 1961 1.122(7) The provisions of sub-section (8) and sub-section (10) of section 80-IA shall,so far as may be, apply in relation to the undertaking referred to in this sectionas they apply for the purposes of the undertaking referred to in section 80-IA.Explanation.—For the purposes of this section,—(a) “convertible foreign exchange” means foreign exchange which is forthe time being treated by the Reserve Bank of India as convertibleforeign exchange for the purposes of the Foreign Exchange ManagementAct, 1999 (42 of 1999), and any rules made thereunder or anyother corresponding law for the time being in force;(b) “eligible articles or things” means all hand-made articles or things,which are of artistic value and which requires the use of wood as themain raw material;(c) “export turnover” means the consideration in respect of export by theundertaking of eligible articles or things received in, or brought into,India by the assessee in convertible foreign exchange in accordancewith sub-section (3), but does not include freight, telecommunicationcharges or insurance attributable to the delivery of the articles orthings outside India;(d) “export out of India” shall not include any transaction by way of saleor otherwise, in a shop, emporium or any other establishment situatein India, not involving clearance of any customs station 41 as definedin the Customs Act, 1962 (52 of 1962).]42[Meaning of computer programmes in certain cases.10BB. The profits and gains derived by an undertaking from the production ofcomputer programmes under section 10B, as it stood prior to its substitutionby section 7 of the Finance Act, 2000 (10 of 2000), shall be construed as if forthe words “computer programmes”, the words “computer programmes orprocessing or management of electronic data” had been substituted in thatsection.]43[Special provision in respect of certain industrial undertakings in North-Eastern Region.10C. (1) Subject to the provisions of this section, any profits and gains derivedby an assessee from an industrial undertaking, which has begun or beginsto manufacture or produce any article or thing on or after the 1st day of April,1998 in any Integrated Infrastructure Development Centre or Industrial GrowthCentre located in the North-Eastern Region (hereafter in this section referred toas the industrial undertaking) shall not be included in the total income of theassessee.(2) This section applies to any industrial undertaking which fulfils all thefollowing conditions, namely :—(i) it is not formed by the splitting up, or the reconstruction of, a businessalready in existence :41. For definition of ‘customs station’, see footnote No. 90 on page 1.431 post.42. Inserted by the Finance Act, 2001, w.r.e.f. 1-4-1994.43. Inserted by the Finance Act, 1999, w.e.f. 1-4-1999.