Sec 10B Exemption

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..... Sec 10B Exemption
Query (Issue) Started By: - CHITRA RAGURAM Dated:- 18-7-2011 Last Reply Date:- 23-7-2011 Income Tax
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Income Tax
Hi, Sec 10B exempts the profits of 100% EOU f .....

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..... or 10 consecutive years. Now an existing firm puts up a new unit for its export operation and registered the same under EOU with MEPZ. Is it necessary to maintain books of accounts seperately for th .....

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..... ese 2 units under the same firm. Reply By MOHAN S: The Reply: Hi Chithra, Kindly go through the Rules prescribed u/s 10B. Yes it is certainly necessary to maintain sepearte books for the two export .....

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..... so that the Assessing Officer can ascertain the profit claimed to be exempt u/s 10B is properly arrived at. A word of caution: Please advise your client to keep all records in respect of "Exempted .....

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..... Units" properly as ther are lot of litigation and the department (Very unfortunately) treats such units with an eye of suspicion always. Mohan
Discussion Forum - Knowledge Sharing .....

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