Section 80HHD amendment tightens foreign exchange repatriation and defines profit allocation based on receipts for tourist services. Section 80HHD requires receipts to be brought into India in convertible foreign exchange within six months of the end of the previous year, with a possible extension by the Chief Commissioner or Commissioner where reasons beyond the assessee's control are recorded; and defines profits from services to foreign tourists as the proportion of business profits corresponding to the ratio of qualifying receipts to total business receipts.
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Provisions expressly mentioned in the judgment/order text.
Section 80HHD amendment tightens foreign exchange repatriation and defines profit allocation based on receipts for tourist services.
Section 80HHD requires receipts to be brought into India in convertible foreign exchange within six months of the end of the previous year, with a possible extension by the Chief Commissioner or Commissioner where reasons beyond the assessee's control are recorded; and defines profits from services to foreign tourists as the proportion of business profits corresponding to the ratio of qualifying receipts to total business receipts.
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