Income tax

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YAGNESH HASMUKH DAVE (Querist)

06 August 2015 I AM DOING THE BUSINESS OF RESALE OF METAL PIPE WITHIN INDIA AND ALSO EXPORTING OUTSIDE INDIA HAVING EXPORT LICENCE IN MY NAME WHETHER DEDCUTION U/S 80HHC IS AVAILABLE FOR 1-4-2014 TO 31-03-2015 RELEVANT TO AY 2015-16 OR NOT

Amol S Joglekar

Amol S Joglekar (Expert)

06 August 2015 Please follow the link.

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

(1B) For the purposes of sub-sections (1) and (1A), the extent of deduction of the profits shall be an amount equal to—
(i) eighty per cent thereof for an assessment year beginning on the 1st day of April, 2001;
(ii) seventy per cent thereof for an assessment year beginning on the 1st day of April, 2002;
(iii) fifty per cent thereof for an assessment year beginning on the 1st day of April, 2003;
(iv) thirty per cent thereof for an assessment year beginning on the 1st day of April, 2004,
and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year.

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