Amendment of section 10AA

In force Act 8 of 2023 As on 09 Oct 2026

Act 8 of 2023 Ministry Finance Cited by 1 provision

Section 6 of the Finance Act, 2023 deals with amendment of section 10AA. Amendment of section 10AA. 6. In section 10AA of the Income-tax Act, with effect from the 1st day of April, 2024,— (a) | in sub-section (1), after clause (ii) and before the Explanation, the following proviso shall be inserted, namely:— "Provided that no such deduction shall be allowed to an assesse

Amendment of section 10AA.
6. In section 10AA of the Income-tax Act, with effect from the 1st day of April, 2024,—
(a) in sub-section (1), after clause (ii) and before the Explanation, the following proviso shall be inserted, namely:—
"Provided that no such deduction shall be allowed to an assessee who does not furnish a return of income on or before the due date specified under sub-section (1) of section 139.";
(b) after sub-section (4), the following shall be inserted, namely:—
'(4A) This section applies to a Unit, if the proceeds from sale of goods or provision of services is received in, or brought into, India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or, within such further period as the competent authority may allow in this behalf.
Explanation 1.—For the purposes of this sub-section, the expression "competent authority" means the Reserve Bank of India or the authority authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.
Explanation 2.—The sale of goods or provision of services shall be deemed to have been received in India where such export turnover is credited to a separate account maintained for that purpose by the assessee with any bank outside India with the approval of the Reserve Bank of India.';
(c) in Explanation 1, for clause (i), the following clause shall be substituted, namely:—
'(i) "convertible foreign exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 2 to section 10A;
(ia) "export turnover" means the consideration in respect of export by the undertaking, being the Unit of articles or things or services received in, or brought into, India by the assessee in convertible foreign exchange in accordance with the provisions of sub-section (4A), but does not include freight, telecommunication charges or insurance attributable to the delivery of the articles or things outside India or expenses, if any, incurred in foreign exchange in rendering of services (including computer software) outside India;'.
Section 6, The Finance Act, 2023 (Act 8 of 2023).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Referred to by 1

s. 4 Amendment of section 9

Questions about Section 6

What does Section 6 of the Finance Act deal with?

Section 6 of the Finance Act is headed "Amendment of section 10AA". Amendment of section 10AA. 6. In section 10AA of the Income-tax Act, with effect from the 1st day of April, 2024,— (a) | in sub-section (1), after clause (ii) and before the Explanation, the following proviso shall be inserted, namely:— "Provided that no such deduction shall be allowed to an assesse

How do I find court cases under Section 6 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2023 6, section 6 Finance Act 2023, section 6 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 6 of the Finance Act, and has it changed?

Its own text turns on section 139 (Amendment of section 17), Income-tax Act 10AA (Special provisions in respect of newly established Units in Special Economic Zones), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule10190 words
2. Income-tax8337 words
Fourth Schedule. Fourth Schedule6615 words
5. Amendment of section 102717 words
150. Substitution of new section for section 1101621 words
54. Insertion of new section 115BAE1218 words

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(a)		in sub-section (1), after clause (ii) and before the Explanation, the following proviso shall be inserted, namely:—
		"Provided that no such deduction shall be allowed to an assessee who does not furnish a return of income on or before the due date specified under sub-section (1) of section 139.";
(b)		after sub-section (4), the following shall be inserted, namely:—
		'(4A) This section applies to a Unit, if the proceeds from sale of goods or provision of services is received in, or brought into, India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or, within such further period as the competent authority may allow in this behalf.
		Explanation 1.—For the purposes of this sub-section, the expression "competent authority" means the Reserve Bank of India or the authority authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.
		Explanation 2.—The sale of goods or provision of services shall be deemed to have been received in India where such export turnover is credited to a separate account maintained for that purpose by the assessee with any bank outside India with the approval of the Reserve Bank of India.';
(c)		in Explanation 1, for clause (i), the following clause shall be substituted, namely:—

'(i)		"convertible foreign exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 2 to section 10A;
(ia)		"export turnover" means the consideration in respect of export by the undertaking, being the Unit of articles or things or services received in, or brought into, India by the assessee in convertible foreign exchange in accordance with the provisions of sub-section (4A), but does not include freight, telecommunication charges or insurance attributable to the delivery of the articles or things outside India or expenses, if any, incurred in foreign exchange in rendering of services (including computer software) outside India;'.