(1)Where an assessee, being an Indian company [or a person (other than a company) resident in India] [Inserted by Act 49 of 1991, Section 30 (w.e.f. 1.4.1991).][, is engaged in the business of export or transfer by any means out of India, of any film software, television software, music software, television news software, including telecast rights (hereafter in this section referred to as the software or software rights), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee,] [Inserted by Act 27 of 1999, Section 49 (w.e.f. 1.4.2000).][a deduction to the extent of the profits, referred to in sub-section (1-A)] [ Substituted by Act 10 of 2000, Section 37, for " a deduction of the profits" (w.e.f. 1.4.2001).][, derived by the assessee from such business.] [Inserted by Act 27 of 1999, Section 49 (w.e.f. 1.4.2000).][(1-A) For the purposes of sub-section (1), 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)[ seventy per cent. thereof for an assessment year beginning on the 1st day of April, 2002; [ Substituted by Act 14 of 2001, Section 43, for Clauses (ii), (iii) and (iv) (w.e.f. 1.4.2002).](iii)fifty per cent. thereof for an assessment year beginning on the 1st day of April, 2003;(iv)thirty per cent. thereof 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.] [Inserted by Act 10 of 2000, Section 37 (w.e.f. 1.4.2001).]
