Income-tax Act, 1961

Section - 80HHD - Deduction in respect of earnings in convertible foreign ex­change

Deduction in respect of earnings in convertible foreign exchange.

80HHD. (1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of a hotel or of a tour operator, approved by the prescribed authority in this behalf or of a travel agent, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee-

(a) - for an assessment year beginning on the 1st day of April, 2001, a deduction of a sum equal to the aggregate of-
(i)   forty per cent of the profits derived by him from services provided to foreign tourists; and
(ii)   so much of the amount not exceeding forty per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in .... To read the full section download the app from Google Play store