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of <h1>Section 80HHB: 25% Tax Deduction for Indian Companies on Profits from Foreign Projects with Specific Conditions.</h1> Section 80HHB of the Income-tax Act, effective April 1, 1983, allows a 25% deduction on profits from foreign projects for Indian companies or residents. The projects must be contractual with foreign governments or agencies, and payments must be in convertible foreign exchange. Conditions include maintaining separate audited accounts, reserving 25% of profits in a Foreign Projects Reserve Account for business use, and bringing 25% of profits into India within six months. Misuse of the reserve within five years results in re-computation of income. No other deductions apply to these profits under different provisions.
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