this is a section of the income tax act contained in the 3rd chapter of the it act. my blogs from here on shall discuss in detail about all the sections in the it act.this section since is covered under the 3rd chapter of the it act talks about income not forming part of total income which means exempted incomes.but the section begins with a twist calling it a deduction from the total income. the wordings of the section make it like a deduction section but is covered under exemption.then how are we to classify.issue no. 2 this also deals with FTZ - free trade zone, STP- software technology park, SEZ- special economic zone.what are the benefits accruing to such enterprises. they are exempted from any export income arising due to transfer of goods articles or things and computer software.so any export income derieved of the above shall be eligible for 100% exenption for the above mentioned enterprises.questions popping out?will they have exemption for infinite no of years?will 115 jb apply for such undertakings?will this section allow any conversion from one to another type of enterprise?what other details are there in this section?so by the next blog i ll deal this section in delicious detail to close it down.
my due respect to my tax masters Ajith and Tgs who motivated me in tax and with the guidance of my 2 elder sisters (Divya and Nandhini) akka and with the blessings of my parents and my lord parameshwara i have begun this task of section interpretting may it go wellshambo mahadeva.
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