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of <h1>Deduction for Indian resident companies from foreign government project profits via Foreign Projects Reserve: phased rates, conditions, repatriation</h1> Where an Indian-resident assessee (company or other) derives profits from execution of a foreign project or work forming part of one for a foreign government, authority or enterprise, a specified percentage of those profits (phased from 40% in 2001 down to 10% in 2004, then nil from 2005) is allowable as a deduction if consideration is payable in convertible foreign exchange and conditions are met: separate audited accounts and prescribed certificate, debiting the prescribed percentage to a Foreign Projects Reserve Account, repatriation of the prescribed percentage into India within six months (or extended period), and non-distribution/use outside business for five years; breach triggers recomputation/recapture and the income is ineligible for other Chapter VI-A deductions.
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