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8. Income Tax Concessions Under Section 10A of the Income Tax Act, 1961 undertaking operating from a Special Economic Zone (SEZ ) that manufactures articles/things or computer software are eligible for deduction of export profits. For undertaking commencing operation from the notified Special Economic Zones (SEZs) on or after 1st April, 2002, the tax holiday is available for a total period of seven assessment years, comprising of a deduction of 100% of export for five years followed by deduction of 50% of export profits for subsequent two years. 9.
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11. Duty Entitlement Passbook (DEPB) Scheme Under DEPB (Duty Entitlement Passbook) Scheme, exporters are allowed to claim customs duty credit as a specified percentage of FOB value of exports made in freely convertible currency. The objective of DEPB is to neutralize the incidence of Customs duty on the import content of the export product. The neutralization shall be provided by way of grant of duty credit against the export product. The scheme launched in 1997 is likely to be replaced by some superior alternative that is being worked out through a dialogue with the export community. Under the DEPB. The DEPB is valid for a period of 24 months from the date of issue. 12. Special Economic Zones In order to create an internationally competitive and smooth working environment for exports in India, the Government of India formulated the Special Economic Zone policy on 1/4/2000. Under the current foreign trade policy, Special Economic Zone (SEZ) is defined as a specifically delineated duty free enclave that is deemed to be foreign territory for the purposes of trade operations and duties and tariffs. Goods and services going into the SEZ area from DTA (Domestic Tariff Area) are to be treated as exports and goods coming from the SEZ area into DTA are to be treated as imports. 13.
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