Beware!Benefit stops on 1/4/2010 for 100 % Export oriented units u/s 10B-Part I

Beware!Benefit stops on 1/4/2010 for 100 % Export oriented units u/s 10B-Part I

Under Section 10B of the I T Act ,100 % export-oriented undertaking gets very substantial amount of exemption from tax on its profits for a period of 10 consecutive assessment years beginning with the assessment year in which the undertaking begins to manufacture or production allowed from the total income of the assessee .

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 .

Conditions for Availing Exemption is that Assessee :

1. furnishes a return of its income on or before the due date of filing return.

2. manufactures or produces any articles or things or computer software;

3. is not formed by the splitting up, or the reconstruction, of a business already in existence. Exception to this condition is that the undertaking