Deduction for foreign-tourist services phased down across successive assessment years, with reserve crediting rules and eventual cessation. The amendment creates a phased deduction for profits from services to foreign tourists for assessment years beginning April 1, 2001 through April 1, 2004, each year allowing a specified percentage of such profits plus an additional amount, not exceeding that percentage, if debited to profit and loss and credited to a reserve account to be used for business in the manner prescribed; no deduction is permitted for the assessment year beginning April 1, 2005 and thereafter.
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.
Deduction for foreign-tourist services phased down across successive assessment years, with reserve crediting rules and eventual cessation.
The amendment creates a phased deduction for profits from services to foreign tourists for assessment years beginning April 1, 2001 through April 1, 2004, each year allowing a specified percentage of such profits plus an additional amount, not exceeding that percentage, if debited to profit and loss and credited to a reserve account to be used for business in the manner prescribed; no deduction is permitted for the assessment year beginning April 1, 2005 and thereafter.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
