Section Text
a) in sub-section (1), for the words "a deduction of the profits", the words, brackets, figure and letter "a deduction to the extent of the profits, referred to in sub-section (1-B)," shall be substituted;
(b) in sub-section (1-A), after the words "in respect of which the certificate has been issued by the said company", the words, brackets, figure and letter "to such extent and for such years as specified in sub-section (1-B)," shall be inserted;
(c) after sub-section (1-A), the following sub-section shall be inserted, namely :- "(1 -B) For the purposes of sub-sections (1) and (1 -A), the extent of deduction of profits shall be an amount equal to -
(i) eighty per cent of such profits for an assessment year beginning on the 1st day of April, 2001;
(ii) sixty per cent of such profits for an assessment year beginning on the 1st day of April, 2002;
(iii) forty per cent of such profits for an assessment year beginning on the 1st day of April, 2003;
(iv) twenty per cent of such profits for an assessment year beginning on the 1st day of April, 2004, and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year.";
(d) in the
Explanation below sub-section (5), for item (b), the following shall be substituted, namely :- '(b) "computer software" means,-
(i) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (ii) any customised electronic data or any product or service of similar nature as may be notified by the Board, which is transmitted or exported from India to a place outside India by any means;'.