{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"6","heading":"Amendment of section 10A","text":"Amendment of section 10A. 6. In section 10A of the Income-tax Act,— (a) in sub-section (1),— (i) in the second proviso, for the words \"undertaking was first set up\", the words \"undertaking began to manufacture or produce such articles or things or computer software\" shall be substituted; (ii) the third proviso shall be omitted with effect from the 1st day of April, 2002; (b) for sub-section (4), the following sub-section shall be substituted, namely:— \"(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in re­spect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking.\"; (c) after sub-section (9),— (i) below Explanation 1, the following proviso shall be inserted, namely:— \"Provided that nothing contained in this Explanation shall apply to any change in the shareholding of the company as a result of— (a) its becoming a company in which the public are substan­tially interested; or (b) disinvestment of its equity shares by any venture capital company or venture capital fund.\" (ii) in Explanation 2, in clause ( iv), for the words \"in respect of export\", the words \"in respect of export by the under­taking\" shall be substituted; (iii) after Explanation 2, the following Explanation shall be inserted at the end, namely:— \"Explanation 3.—For the removal of doubts, it is hereby declared that the profits and gains derived from on site development of computer software (including services for development of soft­ware) outside India shall be deemed to be the profits and gains derived from the export of computer software outside India.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 10A.</b></p><p><b>6.</b> In section 10A of the Income-tax Act,—</p><p>(<i>a</i>) in sub-section (1),—</p><p>(<i>i</i>) in the second proviso, for the words \"undertaking was first set up\", the words \"undertaking began to manufacture or produce such articles or things or computer software\" shall be substituted;</p><p>(<i>ii</i>) the third proviso shall be omitted with effect from the 1st day of April, 2002;</p><p>(<i>b</i>) for sub-section (4), the following sub-section shall be substituted, namely:—</p><p>\"(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in re­spect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking.\";</p><p>(<i>c</i>) after sub-section (9),—</p><p>(<i>i</i>) below <i>Explanation 1,</i> the following proviso shall be inserted, namely:—</p><p>\"<b>Provided</b> that nothing contained in this <i>Explanation</i> shall apply to any change in the shareholding of the company as a result of—</p><p>(<i>a</i>) its becoming a company in which the public are substan­tially interested; or</p><p>(<i>b</i>) disinvestment of its equity shares by any venture capital company or venture capital fund.\"</p><p>(<i>ii</i>) in <i>Explanation 2,</i> in clause ( <i>iv</i>), for the words \"in respect of export\", the words \"in respect of export by the under­taking\" shall be substituted;</p><p>(<i>iii</i>) after <i>Explanation 2</i>, the following <i>Explanation</i> shall be inserted at the end, namely:—</p><p>\"<i>Explanation 3</i>.—For the removal of doubts, it is hereby declared that the profits and gains derived from on site development of computer software (including services for development of soft­ware) outside India shall be deemed to be the profits and gains derived from the export of computer software outside India.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":299,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/6/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}