India - Income Tax Act 2010 - Saarc

S. 80HHC I.T. ACT, 1961 1.42654[(1B) For the purposes of sub-sections (1) and (1A), the extent of deduction ofthe profits shall be an amount equal to—(i) eighty per cent thereof for an assessment year beginning on the 1stday of April, 2001;55[(ii) seventy per cent thereof for an assessment year beginning on the 1stday of April, 2002;(iii) fifty per cent thereof for an assessment year beginning on the 1st dayof April, 2003;(iv) thirty per cent thereof for an assessment year beginning on the 1st dayof April, 2004,]and no deduction shall be allowed in respect of the assessment year beginningon the 1st day of April, 2005 and any subsequent assessment year.](2)(a) This section applies to all goods or merchandise, other than those specifiedin clause (b), if the sale proceeds 56 of such goods or merchandise exported out ofIndia are 57 [received in, or brought into, India] by the assessee 58 [(other than thesupporting manufacturer)] in convertible foreign exchange 59 [, within a period ofsix months from the end of the previous year or, 60 [within such further period asthe competent authority may allow in this behalf].]61[Explanation.—For the purposes of this clause, the expression “competentauthority” means the Reserve Bank of India or such other authority as isauthorised under any law for the time being in force for regulating payments anddealings in foreign exchange.](b) This section does not apply to the following goods or merchandise,namely :—(i) mineral oil ; and54. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.55. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to their substitution, clauses (ii),(iii) and (iv) read as under :“(ii) sixty per cent thereof for an assessment year beginning on the 1st day of April, 2002;(iii) forty per cent thereof for an assessment year beginning on the 1st day of April, 2003;(iv) twenty per cent thereof for an assessment year beginning on the 1st day of April,2004,”56. For the meaning of the expression “sale proceeds .... assessee”, see Taxmann’s Direct TaxesManual, Vol. 3.57. Substituted for “receivable” by the Finance Act, 1990, w.e.f. 1-4-1991.58. Inserted, ibid., w.r.e.f. 1-4-1989.59. Inserted by the Finance Act, 1990, w.e.f. 1-4-1991.60. Substituted for the portion beginning with the words “where the Chief Commissioner” andending with the words “may allow in this behalf” by the Finance Act, 1999, w.e.f. 1-6-1999.Prior to substitution, the said portion, as inserted by the Finance Act, 1990, w.e.f. 1-4-1991,read as under :“where the Chief Commissioner or Commissioner is satisfied (for reasons to be recordedin writing) that the assessee is, for reasons beyond his control, unable to do so within thesaid period of six months, within such further period as the Chief Commissioner orCommissioner may allow in this behalf.”61. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.