Specifying time limit for bringing consideration against export proceeds into India

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..... ear tax benefit to a unit established in a SEZ which begins to manufacture or produce articles or things or provide any services on or after 01.04.2005. The deduction is available for units that begin operations before 01.04.2020, which has been extended to 30.09.2020 through the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and is allowed in the specified mann .....

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..... t proceeds from sale of goods or provision of services by SEZ Units for claiming deduction under the said section as is provided under other similar export related deductions in the Act. Hence, it is proposed to insert a new sub-section to provide that the deduction under section 10AA of the Act shall be available for such unit, if the proceeds from sale of goods or provision of services is receiv .....

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..... ide India with the approval of the Reserve Bank of India. 6. Further, it is proposed to substitute clause (i) of Explanation 1 of the said section to define the term convertible foreign exchange and give reference to new sub section (4A) in the definition of Export Turnover . 7. Further, it is also proposed to make consequential amendment in sub-section (11A) of section 155 of the Act, to .....

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