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Answer Posted / pallavi
10A. Special provision in respect of newly established
undertakings in free trade zone, etc.
(1) Subject to the provisions of this section, a deduction
of such profits and gains as are derived by an 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 begins to manufacture or produce such
articles or things or computer software, as the case may
be, shall be allowed from the total income of the
assessee :
Provided that where in computing the total income of the
undertaking for any assessment year, its profits and gains
had not been included by application of the provisions of
this section as it stood immediately before its
substitution by the Finance Act, 2000, the undertaking
shall be entitled to deduction referred to in this sub-
section only for the unexpired period of the aforesaid ten
consecutive assessment years :
Provided further that where an undertaking initially
located in any free trade zone or export processing zone is
subsequently located in a special economic zone by reason
of conversion of such free trade zone or export processing
zone into a special economic zone, the period of ten
consecutive assessment years referred to in this sub-
section shall be reckoned from the assessment year relevant
to the previous year in which the undertaking began to
manufacture or produce such articles or things or computer
software in such free trade zone or export processing
zone :
Provided also that for the assessment year beginning on the
1st day of April, 2003, the deduction under this sub-
section shall be ninety per cent of the profits and gains
derived by an undertaking from the export of such articles
or things or computer software:
Provided also that no deduction under this section shall be
allowed to any undertaking for the assessment year
beginning on the 1st day of April, 2010, and subsequent
years.
(1A) Notwithstanding anything contained in sub-section (1),
the deduction, in computing the total income of an
undertaking, which begins to manufacture or produce
articles or things or computer software during the previous
year relevant to any assessment year commencing on or after
the 1st day of April, 2003, in any special economic zone,
shall be hundred per cent of profits and gains derived from
the export of such articles or things or computer software
for a period of five consecutive assessment years beginning
with the assessment year relevant to the previous year in
which the undertaking begins to manufacture or produce such
articles or things or computer software, as the case may
be, and thereafter, fifty per cent of such profits and
gains for further two assessment years.
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