On SEZ website under the facilities and incentives section few terms are creating confusion as follow :-
"Duty-free import/domestic procurement of goods for the development, operation and maintenance of SEZ units."
but they have also mention
"Exemption from customs/excise duties for the development of SEZs for authorized operations approved by the BOA."
Do the above lines in simple words telling that "If you are importing any goods to SEZ, for example from USA to 'India SEZ' then there will be no Custome duty and no Import duty"
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"100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years. (Sunset Clause for Units will become effective from 01.04.2020)"
but they have also mention
"Income Tax exemption on income derived from the business of development of the SEZ in a block of 10 years in 15 years under Section 80-IAB of the Income Tax Act. (Sunset Clause for Developers has become effective from 01.04.2017)"
Does the above lines in simple words telling that "if you are earning from export as a proprietor then you don't have to pay Income tax for 5 years (0% Income tax) and then after 50% tax is exempted for next 5 year and then after "50% of the ploughed back export profit for next 5 years." I didn't understand this term 'ploughed back'
CAclubindia
