Deeming of foreign exchange receipts requires certificates for converted payments to qualify as convertible foreign exchange under tax provision. The amendment treats specified hotels and tour operators approved in an earlier window as deemed approved for prior assessment years and provides that payments in Indian currency obtained by conversion of foreign exchange through an authorised dealer shall be deemed to be convertible foreign exchange where the payer furnishes a prescribed-form certificate. It adds a mandatory certificate requirement and expands the aggregate of eligible receipts to include both convertible foreign exchange and such certified Indian currency payments, and imports definitions from the Foreign Exchange Regulation Act, 1973.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deeming of foreign exchange receipts requires certificates for converted payments to qualify as convertible foreign exchange under tax provision.
The amendment treats specified hotels and tour operators approved in an earlier window as deemed approved for prior assessment years and provides that payments in Indian currency obtained by conversion of foreign exchange through an authorised dealer shall be deemed to be convertible foreign exchange where the payer furnishes a prescribed-form certificate. It adds a mandatory certificate requirement and expands the aggregate of eligible receipts to include both convertible foreign exchange and such certified Indian currency payments, and imports definitions from the Foreign Exchange Regulation Act, 1973.
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