Income tax benefits for export profit
This query is : Resolved
13 June 2014
DEAR SIR
WE ARE MFR OF GOLD ORNAMENTS & SALE IN ALL OVER INDIA.
NOW WE WANT TO EXPORT GOLD ORNAMENTS.
PLZ. LET US KNOW :
(1) ANY INCOME TAX EXEMPTION IS AVAILABLE ON EXPORT TURNOVER PROFIT ? IF YES, UNDER WHICH SECTION ?
(2) IS SECTION 80HHC IN FORCE AT PRESENT ?
(3) OUR ITEM'S CHAPTER HEADING IS 71131930. CAN WE AVAIL DUTY DRAWBACK ON EXPORTS ?
THANKS IN ADVANCE.
ANCKOORA.
WE ARE MFR OF GOLD ORNAMENTS & SALE IN ALL OVER INDIA.
NOW WE WANT TO EXPORT GOLD ORNAMENTS.
PLZ. LET US KNOW :
(1) ANY INCOME TAX EXEMPTION IS AVAILABLE ON EXPORT TURNOVER PROFIT ? IF YES, UNDER WHICH SECTION ?
(2) IS SECTION 80HHC IN FORCE AT PRESENT ?
(3) OUR ITEM'S CHAPTER HEADING IS 71131930. CAN WE AVAIL DUTY DRAWBACK ON EXPORTS ?
THANKS IN ADVANCE.
ANCKOORA.
CA Nikhil Bhansali
(Expert)
13 June 2014
1. If u r setting up a new unit in SEZ only then you can get export benefits. Other than this there is not any Export benefits u/s 10AA
2. No 80HHC benefits
3. There are many benefits under FTP and CENVAT credit rules
2. No 80HHC benefits
3. There are many benefits under FTP and CENVAT credit rules
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