Deduction for convertible foreign exchange: tax relief for hotels, tour operators and travel agents subject to utilisation and certification conditions. Section 80HHD allows a deduction to hotels, prescribed tour operators and travel agents for profits attributable to services provided to foreign tourists ... Summary
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Deduction for convertible foreign exchange: tax relief for hotels, tour operators and travel agents subject to utilisation and certification conditions.
Section 80HHD allows a deduction to hotels, prescribed tour operators and travel agents for profits attributable to services provided to foreign tourists where receipts are received in or brought into India in convertible foreign exchange within prescribed periods; the deductible amount may include sums credited to a reserve that must be utilised within five years for specified tourism related capital purposes, failing which the amounts are deemed taxable profits, and claimants must file an accountant's certificate with their return.
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