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Background: Undertakings established in Special Economic Zones are being provided benefits of deductions of profits and gains from the export of articles or things or computer software for a specified period under Income Tax Act. Section 10A specifies the deductions allowed to undertakings setup in Special Economic Zone along with respective conditions and filings of forms / returns.
As per Section 10A (1A) following deductions are allowed to units in Special Economic Zones in computing the total income:
Clause |
No. of Years |
Deductions |
|---|---|---|
It has been provided that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified under sub-section (1) of section 139.
As per Section 10A (1B), the deduction mentioned under clause 1(A)(ii) can be claimed only on compliance of the following conditions:
As per Rule 16DD, the particulars which are required to be furnished by the assessee along with the return of income as mentioned in clause (b) of sub-section (1B) of section 10A shall be in Form No. 56FF.
An extract of Form 56FF is given below:
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