Income tax benefits for export profit

This query is : Resolved

anckoora (Querist)
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13 June 2014 DEAR SIR

WE ARE MFR OF GOLD ORNAMENTS & SALE IN ALL OVER INDIA.

NOW WE WANT TO EXPORT GOLD ORNAMENTS.

PLZ. LET US KNOW :

(1) ANY INCOME TAX EXEMPTION IS AVAILABLE ON EXPORT TURNOVER PROFIT ? IF YES, UNDER WHICH SECTION ?

(2) IS SECTION 80HHC IN FORCE AT PRESENT ?

(3) OUR ITEM'S CHAPTER HEADING IS 71131930. CAN WE AVAIL DUTY DRAWBACK ON EXPORTS ?

THANKS IN ADVANCE.

ANCKOORA.

CA Nikhil Bhansali

CA Nikhil Bhansali (Expert)
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13 June 2014 1. If u r setting up a new unit in SEZ only then you can get export benefits. Other than this there is not any Export benefits u/s 10AA
2. No 80HHC benefits
3. There are many benefits under FTP and CENVAT credit rules