Section 80HHD of ITA, 1961 : Section 80Hhd: Deduction In Respect Of Earnings In Convertible Foreign Exchange
ITA, 1961
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Explanation using Example
Imagine a scenario where 'Holiday Adventures', a company registered in India, operates a chain of hotels and also provides tour operator services. They have been approved by the relevant authority to cater to foreign tourists. In the financial year 2001-2002, 'Holiday Adventures' earned profits from services provided exclusively to foreign tourists. To claim a tax deduction under Section 80HHD of the Income-tax Act, 1961, they need to follow these steps:
- Calculate 40% of the profits derived from services provided to foreign tourists. 2...
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