Export Oriented Units (EOU) are like Special Economic Zones (SEZ) which are established in 1981 as 100% tax exempt areas or export zones for country. These EOUs are major source of revenue as they contribute handsomely towards the national income of a country. Therefore, EOU registration is extremely important in order to enjoy the tax exemption as per the section of 10A of the Income Tax Act, 1961. Export Oriented Units (EOU) are playing an important role in increasing exports, earning foreign exchange for the country and simultaneously generating huge numbers of employment opportunities for young graduates. There are various ways are adopted for registering EOUs in India as per the Government rules and regulations. EOU registration is a process and one can take the help of legal professionals or attorneys in order to make this process complete and easy. Presently, Export Oriented Units (EOU) are focused on diverse industries including from Textile, Computer Software, FMCG and many others to give a desired boost to our economy.
EOU Registration Procedure
Export Oriented Units (EOU) is solely responsible for economic development of a country by exporting computer software and directly and indirectly generating huge numbers of job opportunities in various sectors of industries. In order to establish an EOU, one needs to follow certain rules and regulations implemented by the Ministry of Communication and Information Technology. Export Oriented Units (EOU) are immensely imperative for the success of an economy and therefore, EOU registration requirements should be carefully filled with a purpose make it successful and active in every possible manner. One should apply for the EOU registration with following documents in order to fulfill some terms and conditions as per the Government rules and regulations. The application should be with:
- Project Report
- Income Tax Return of the Promoters
- Identity proof of the Promoters
- Letter of Permission (LOP)
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