India - Income Tax Act 2010 - Saarc

S. 80HHE I.T. ACT, 1961 1.440software to one or more exporting companies solely engaged inexports, the profits of such business;(ii) in a case where the business carried on by a supporting softwaredeveloper does not consist exclusively of developing and selling ofcomputer software to one or more exporting companies, the amountwhich bears to the profits of the business, the same proportion as theturnover in respect of sale to the respective exporting company bearsto the total turnover of the business carried on by the assessee.](4) The deduction under sub-section (1) shall not be admissible unless theassessee furnishes in the prescribed form 45 , 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 in accordancewith the provisions of this section.46[(4A) The deduction under sub-section (1A) shall not be admissible unless thesupporting software developer furnishes in the prescribed form along with hisreturn of income,—*(i) the report of an accountant 47 , as defined in the Explanation belowsub-section (2) of section 288, certifying that the deduction has beencorrectly claimed on the basis of the profits of the supporting softwaredeveloper in respect of sale of computer software to theexporting company; and†(ii) a certificate 48 from the exporting company containing such particularsas may be prescribed and verified in the manner prescribed thatin respect of the export turnover mentioned in the certificate, theexporting company has not claimed deduction under this section :Provided that the certificate specified in clause (b) shall be duly certified by theauditor auditing the accounts of the exporting assessee under the provisions ofthis Act or under any other law.](5) Where a deduction under this section is claimed and allowed in respect ofprofits of the business referred to in sub-section (1) for any assessment year, nodeduction shall be allowed in relation to such profits under any other provisionof this Act for the same or any other assessment year.Explanation.—For the purposes of this section,—(a) “convertible foreign exchange” shall have the meaning assigned to itin clause (a) of the Explanation to section 80HHC;49[(b) “computer software” means,—(i) any computer programme recorded on any disc, tape, perforatedmedia or other information storage device; or45. See rule 18BBA(7) and Form No. 10CCAF for form of report of accountant.46. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.47. See rule 18BBA(7) and Form No. 10CCAF for form of report of accountant.48. See rule 18BBA(8) and Form No. 10CCAG.49. Substituted by the Finance Act, 2000, w.e.f. 1-4-2001. Prior to its substitution, item (b) wasamended by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.*“(i)” should be read as “(a)”.†“(ii)” should be read as “(b)”.