# The Finance Act, 2001, Section 42: Amendment of section 80HHE

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/42/

## Text

Amendment of section 80HHE. 42. In section 80HHE of the Income-tax Act,— (a) after sub-section (1), the following Explanation shall be inserted, namely:— "Explanation .—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."; (b) in sub-section (1B), for clauses (ii), (iii) and (iv ), the following clauses shall be substituted with effect from the 1st day of April, 2002, namely:— "(ii) seventy per cent thereof for an assessment year beginning on the 1st day of April, 2002; (iii) fifty per cent thereof for an assessment year beginning on the 1st day of April, 2003; (iv) thirty per cent thereof for an assessment year begin­ning on the 1st day of April, 2004.". © Copyright. Taxmann Publications Pvt. Ltd.

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