Which among the following Incentives and facilities offered to the SEZs is not correct

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units.
B	Exemption from State sales tax and other levies as extended by the respective State Governments.
C	Exemption from minimum alternate tax under section 115JB of the Income Tax Act.
D	100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for 10 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.

Explanation:

Detailed explanation-1: -Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.

Detailed explanation-2: -What is Section 10AA? Section 10AA is a deduction under the Income Tax Act, 1961, available to enterprises located in the Special Economic Zone, deriving profits or gains through export of goods/articles/services.

Detailed explanation-3: -The deduction under section 10AA shall be allowed as under: 100% of profits of such undertaking from exports from assessment year 2018-19 to assessment year 2022-23. 50% of profits of such undertaking from exports from assessment year 2023-24 to assessment year 2027-28.

Detailed explanation-4: -Detailed Solution. The correct answer is 100% Income tax exemption on export income of SEZ units for the first 10 years. Special Economic Zones (SEZs):

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