Prabhudayal is engaged in the development and sale of computer software application. It has started a new undertaking in a Special Economic Zone. He furnishes the following information and request you to calculate the am

The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: Definition of Export turnover excludes Telecom and insurance charges (related to export) while calculating export turnover and total turnover for claiming exemption u/s 10AA. Reference has been made to circular No. 4/2018 Dated 14.08.2018 to exclude the telecom and insurance charges from total turnover also. However, the circular has been issued in view of section 10A and not section 10AA. Further, fright, telecommunication and insurance charges is deducbile only in cases if the assessee (exporter) recover the same from importer in addition to sale price. Further, the staff cost and travel expenses is not specifically be excluded while calculating export turnover / total turnover. Therefore, If the Tele-com and insurance expenses are deducted from total and export turnover, the correct answer is 50*290/490 = 29.59 lakh. If the same is not deducted, the correct answer is ₹ 50*300/500 = 30 Lakh.