Income Tax Act, 2025
Section 1: Ins. by Act 21 of 1998, s. 31 (w.e.f. 11999).
1. Ins. by Act 21 of 1998, s. 31 (w.e.f. 11999).
2. Subs. by Act 10 of 2000, s. 33, for “a deduction from such profits and gains of an amount equal to fifty per cent.thereof”
(w.e.f. 12001).
3. Subs. by Act 10 of 2000, s. 33, for “fifty per cent. of the profits and gains referred to in sub-section (1)” (w.e.f. 12001).
364
(4) Notwithstanding anything contained in any other provision of this Chapter under heading “C.—
Deduction in respect of certain incomes”, no part of the income payable to the assessee for the execution
of a housing project under sub-section (1) shall qualify for deduction for any assessment year under any
other provision.
Explanation.—For the purposes of this section,—
(a) “housing project” means a project for—
(i) the construction of any building, road, bridge or other structure in any part of India;
(ii) the execution of such other work (of whatever nature) as may be prescribed;
(b) “World Bank” means the International Bank for Reconstruction and Development Bank
referred to in the International Monetary Fund and Bank Act, 1945.]
1[80HHC.Deduction in respect of profits retained for export business.—2[(1) Where an assessee,
being an Indian company or a person (other than a company) resident in India, is engaged in the business
of export out of India of any goods or merchandise to which this section applies, there shall, in
accordance with and subject to the provisions of this section, be allowed, in computing the total income of
the assessee, 3[a deduction to the extent of profits, referred to in sub-section (1B)], derived by the assessee
from the export of such goods or merchandise:
Provided that if the assessee, being a holder of an Export House Certificate or a Trading House
Certificate (hereafter in this section referred to as an Export House or a Trading House, as the case may
be,) issues a certificate referred to in clause (b) of sub-section (4A), that in respect of the amount of the
export turnover specified therein, the deduction under this sub-section is to be allowed to a supporting
manufacturer, then the amount of deduction in the case of the assessee shall be reduced by such amount
which bears to the 4[total profits derived by the assessee from the export of trading goods, the same
proportion as the amount of export turnover specified in the said certificate bears to the total export
turnover of the assessee in respect of such trading goods].
(1A) Where the assessee, being a supporting manufacturer, has during the previous year, sold goods
or merchandise to any Export House or Trading House in respect of which the Export House or Trading
House has issued a certificate under the proviso to sub-section (1), there shall, in accordance with and
subject to the provisions of this section, be allowed in computing the total income of the assessee, 3[a
deduction to the extent of profits, referred to in sub-section (1B)], derived by the assessee from the sale of
goods or merchandise to the Export House or Trading House in respect of which the certificate has been
issued by the Export House or Trading House.]
5[(1B) For the purposes of sub-sections (1) and (1A), the extent of deduction of the profits shall be an
amount equal to—
(i) eighty per cent. thereof for an assessment year beginning on the 1st day of April, 2001;
Notwithstanding anything contained in any other provision of this Chapter under heading “C.—
Deduction in respect of certain incomes”, no part of the income payable to the assessee for the execution
of a housing project under sub-section
shall qualify for deduction for any assessment year under any
other provision.
Explanation.—For the purposes of this section,—
“housing project” means a project for—
the construction of any building, road, bridge or other structure in any part of India;
the execution of such other work (of whatever nature) as may be prescribed;
“World Bank” means the International Bank for Reconstruction and Development Bank
referred to in the International Monetary Fund and Bank Act, 1945.]
1[80HHC.Deduction in respect of profits retained for export business.—2[
Where an assessee,
being an Indian company or a person (other than a company) resident in India, is engaged in the business
of export out of India of any goods or merchandise to which this section applies, there shall, in
accordance with and subject to the provisions of this section, be allowed, in computing the total income of
the assessee, 3[a deduction to the extent of profits, referred to in sub-section
of sub-section
Where the assessee, being a supporting manufacturer, has during the previous year, sold goods
or merchandise to any Export House or Trading House in respect of which the Export House or Trading
House has issued a certificate under the proviso to sub-section
For the purposes of sub-sections
and
eighty per cent. thereof for an assessment year beginning on the 1st day of April, 2001;