Deduction for housing project profits: phased allowance for World Bank aided projects subject to reserve, audit, and utilisation conditions. Deduction is available for profits from World Bank aided housing projects awarded on global tender to resident persons and Indian companies, subject to phased percentage limits and strict conditions: separate project accounts (audited where applicable) with the audit report filed; a portion of profits debited to profit and loss and credited to a Housing Projects Reserve Account for business use other than distribution for five years; limitation of deduction to amounts actually credited; recomputation and amendment if reserve amounts are wrongfully utilised; exclusivity from other deductions under the relevant Chapter.