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of <h1>Amendment to Section 80HHD: Gradual Reduction in Deductions for Foreign Tourist Services from 2001 to 2004.</h1> Section 80HHD of the Income-tax Act is amended to modify the deductions available to an assessee for profits derived from services provided to foreign tourists. For the assessment year starting April 1, 2001, a deduction of 40% is allowed. This percentage decreases to 30% for the year beginning April 1, 2002, 20% for April 1, 2003, and 10% for April 1, 2004. The deduction is contingent upon the amount being debited to the profit and loss account and credited to a reserve account for business purposes. No deduction is allowed from April 1, 2005, onwards.
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