Investment Incentives Order, 2001 · s 60

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 60Controller to issue statement of income

(1)

For each year of assessment, the Collector shall issue to an export service company or firm a statement for that year of assessment showing the amount of income ascertained under subsection (2) of section 59 which will qualify for the relief provided by this section, and Parts XI and XII of the Income

Tax Act !relating to objections and appeals) and any regulations made thereunder shall apply, with the necessary modifications, as if that statement were a notice of assessment given under those provisions.

(2)

Subject to subsection (7) of section 50, where any statement issued under subsection (1) has become final and conclusive, 100o/o of the amount of the

· qualifying income referred to in subsection ( 1) shall not form part of the statutory income of the export service company or fi.rm for the year of assessment to which the income relates and shall be exempt from tax.