Deduction in respect of profits and gains from export or transfer of film software, etc.

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..... section, be allowed, in computing the total income of the assessee, 3 [ a deduction to the extent of profits, referred to in sub-section (1A), ] derived by the assessee from such business. 4 [ (1A) For the purposes of sub-section (1), the extent of deduction of profits shall be an amount equal to- ( i ) eighty per cent of such profits for an assessment year beginning on the 1st day of April, 2001; 5 [ ( 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 allo .....

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..... thing contained in this section, no deduction shall be allowed in respect of the software or software rights referred to in sub-section (1), if such business is prohibited by any law for the time being in force. Explanation .- For the purposes of this section,- ( a ) competent authority means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange; ( b ) convertible foreign exchange shall have the meaning assigned to it in clause ( a ) of the Explanation to section 80HHC; ( c ) export turnover means the consideration in respect of the software or software rights specified in clauses ( d ), ( e ), ( g ), ( h ) .....

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..... network either through terrestrial transmission or through a satellite broadcast in a specified territory; ( h ) television news software means a collection of sounds and images, reportage, data and voice of actualities broadcast either through terrestrial transmission, wire or satellite, live or pre-recorded on video cassettes or digital media; ( i ) television software means any programme or series of sounds and images recorded on film or tape or digital media or broadcast through terrestrial transmitter, satellite or any other means of diffusion; ( j ) total turnover shall not include- ( A ) any sum referred to in clauses ( iiia ), ( iiib ) and ( iiic ) of section 28; ( B ) any freight, telecommunication charges or i .....

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