AIT exemption on import of internatonal grade chemical compounds (Technical Grade/ Chemically Pure) u/s – 53

SRO no.29/AIN/Income Tax/2020

– To provide the incentive to Active Pharmaceutical Ingredients (API) sectors, Advance Income Tax (AIT) exemption is given during the import of international grade chemical compounds (Technical Grade/ Chemically Pure) under section 53 of ITO 1984. To avail of the exemption, the tax-payer needs to be compliant with all related tax regulations and needs to file the returns under sections 75, 75A, 108 and 108A and maintain all financial records.