The provisions of 80g , a deduction of such profits and
gains as are derived by an undertaking from the export out of India of eligible
articles or things, shall be allowed from the total income of the assesses :
The total
income 80g exemption of the undertaking for any assessment year, deduction under 80g has
been claimed, the undertaking shall not be entitled to the deduction. Provided further 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.
This section applies to any undertaking which fulfils the
following conditions, namely:—
(a) It manufactures or produces the eligible
articles or things without the use of imported 80g registration raw materials;
(b) It is not formed by the splitting up, or the
reconstruction, of a business already in existence:
Provided that this condition shall not apply in respect
of any undertaking which is formed as a result of the re-establishment,
reconstruction or revival by the assessed of the business of any such
undertaking as is referred to in the
circumstances and within the period specified in that section;
(c) It is not formed by the transfer to a new
business of machinery or plant previously used for any purpose.
(d) ninety per cent or more of its sales during
the previous year relevant to the assessment year are by way of exports of the
eligible articles or things;
(e) It employs twenty or more workers during the
previous year in the process of manufacture or production.
