Sec-10b
SPECIAL PROVISION INN RESPECT OF NEWLY ESTABLISHED 100% EXPORT ORIENTED UNDERTAKINGS [Section 10B]
1.General: As per this section, a deduction of such profits and gains as are derived by a 100% export-oriented undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begin to manufacture or produce articles or things or computer software, as the case may be, shall be allowed from the total income of the assesse.
2.Assessees who are eligible for deduction: Deduction under this provision is applicable to all categories of assesses viz., individuals, firms, companies etc. who derive any profits or gains from 100% EOU.
3. Essential conditions to claim deduction:-
i) The undertaking should be an approved 100% EOU. It must be approved as a 100% EOU by the Board appointed by the Central Govt. in this behalf.
ii) If manufacturers or produces any article or thing or computer software.
The other conditions for claiming deduction under this section are same as are given under section 10A except that the report of an accountant shall be furnished in Form no. 56G instead of 56F.
4. Period of tax holiday: Same as given under section 10A.
5. How to compute profits or gains from export of such undertakings: Same as given under section 10A.
6. Rectification of order on receipt of foreign exchange in India [Section 155(11A)]: The provision regarding rectification of order as given under section 10A shall be applicable for section 10B also.
7. Exiting undertaking will get benefits for unexpired period: Same as given under section 10A.
8. Ban on enjoyment of other tax benefits: Same as given under section 10A (including amendments made by the finance Act, 2003).
9. WDV of assets after tax holiday period: Same as given under section 10A.
10. Option not to claim benefit of tax holiday: Same
1.General: As per this section, a deduction of such profits and gains as are derived by a 100% export-oriented undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begin to manufacture or produce articles or things or computer software, as the case may be, shall be allowed from the total income of the assesse.
2.Assessees who are eligible for deduction: Deduction under this provision is applicable to all categories of assesses viz., individuals, firms, companies etc. who derive any profits or gains from 100% EOU.
3. Essential conditions to claim deduction:-
i) The undertaking should be an approved 100% EOU. It must be approved as a 100% EOU by the Board appointed by the Central Govt. in this behalf.
ii) If manufacturers or produces any article or thing or computer software.
The other conditions for claiming deduction under this section are same as are given under section 10A except that the report of an accountant shall be furnished in Form no. 56G instead of 56F.
4. Period of tax holiday: Same as given under section 10A.
5. How to compute profits or gains from export of such undertakings: Same as given under section 10A.
6. Rectification of order on receipt of foreign exchange in India [Section 155(11A)]: The provision regarding rectification of order as given under section 10A shall be applicable for section 10B also.
7. Exiting undertaking will get benefits for unexpired period: Same as given under section 10A.
8. Ban on enjoyment of other tax benefits: Same as given under section 10A (including amendments made by the finance Act, 2003).
9. WDV of assets after tax holiday period: Same as given under section 10A.
10. Option not to claim benefit of tax holiday: Same