Circular No. 693-Income tax Section 80HHC of the Income-tax Act allows a deduction from the gross total income of the entire profits derived from export of goods other than minerals. Finance (No. 2) Act, 1991 extended the benefit to export of processed minerals and ores mentioned in the Twelfth Schedule to the Income-tax Act. Item (x) of the Schedule mention “cut and polished minerals and rocks including cut and polished granite
exercise of the powers conferred by sub-clause (viii) of clause (10C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Indian Institute of Management, Bangalore, for the purposes of the said clause.
