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Q. > Please Help: Benefit u/s 10 AA I.T. Act
Hi all,
I am asking a practical query related to one of my Indian client (Assume "A"). My client A is providing the service of implementation of software developed by a foreign third party (Assume "X"). Party X is having a contract with the end user (foreign party) directly and my client is in turn having a sub contract with party X for implementing the software developed by the party X.
The Details of arrangement and workflow is as follows:
a) Contract between both parties A and X for services to be provided to end user.
b) Services are provided onsite (end user place- out of India) and are in the nature of implementation of software developed by party X in pursuant of contract with end user for development, implementation and support services relating to software installed.
C) Party A bills the services in foreign currency to Party X who in turns bills in home currency (Party is registered either in US or Europe) to end user for entire services plus mark up.
D) Party A receives the payment in foreign currency in India.
My client Party A wants to open a office in SEZ in the name of new business which will undertake all these activities from scratch to avail the benefit of sec 10AA,
Queries are as follows:
a) Whether sec 10AA is applicable to my client.
b) Whether sec 10AA specifically requires the direct contract between party A (my client) and end user.
c) Whether Implementation of software will amount to services exported under sec 10AA so that benefits of tax exemption can be availed.
Your timely and detailed reply will be highly appreciated.
Experts Panelist
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