India - Income Tax Act 2010 - Saarc

S. 80HHC I.T. ACT, 1961 1.430House bears to the total turnover of the business carried on by theassessee.]76[(4) The deduction under sub-section (1) shall not be admissible unless theassessee furnishes in the prescribed form 77 , along with the return of income, thereport of an accountant, as defined in the Explanation below sub-section (2) ofsection 288, certifying that the deduction has been correctly claimed 78 [inaccordance with the provisions of this section:]]79[Provided that in the case of an undertaking referred to in sub-section (4C), theassessee shall also furnish along with the return of income, a certificate from theundertaking in the special economic zone containing such particulars as may beprescribed 80 , duly certified by the auditor auditing the accounts of the undertakingin the special economic zone under the provisions of this Act or under anyother law for the time being in force.]81[(4A) The deduction under sub-section (1A) shall not be admissible unless thesupporting manufacturer furnishes in the prescribed form along with his returnof income,—(a) the report of an accountant 82 , as defined in the Explanation belowsub-section (2) of section 288, certifying that the deduction has beencorrectly claimed on the basis of the 83 [profits] of the supportingmanufacturer in respect of his sale of goods or merchandise to theExport House or Trading House ; and(b) a certificate from the Export House or Trading House containingsuch particulars as may be prescribed and verified in the mannerprescribed 84 that in respect of the export turnover mentioned in thecertificate, the Export House or Trading House has not claimed thededuction under this section :Provided that the certificate specified in clause (b) shall be duly certifiedby the auditor auditing the accounts of the Export House or TradingHouse under the provisions of this Act or under any other law.]85[(4B) For the purposes of computing the total income under sub-section (1) orsub-section (1A), any income not charged to tax under this Act shall be excluded.]76. Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f.1-4-1987.77. See rule 18BBA(3) and Form No. 10CCAC for form of report of accountant.78. Substituted for “on the basis of the amount of export turnover” by the Finance (No. 2) Act,1991, w.e.f. 1-4-1992. Earlier, words “export turnover” were substituted for “net foreignexchange realisation as determined in accordance with the Import and Export Policy ofthe Government of India for the relevant period” by the Direct Tax Laws (Amendment)Act, 1989, w.e.f. 1-4-1989.79. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.80. See rule 18BBA(2A) and Form No. 10CCABA.81. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989.82. See rule 18BBA(3) and Form No. 10CCAC for form of report of accountant.83. Substituted for “income” by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.84. See rule 18BBA(2) and Form No. 10CCAB for form of certificate from export/tradinghouse to supporting manufacturer.85. Inserted by the Finance Act, 1999, w.r.e.f. 1-4-1992.