TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 80HHB Clarifies: Non-Convertible Rupee Payments from Bilateral Accounts Eligible for Tax Deductions on Foreign Projects.</h1> Section 80HHB of the Income-tax Act, 1961, allows certain deductions from taxable income for profits and gains derived from executing foreign projects. A condition for this deduction is that the payment must be in convertible foreign exchange. However, doubts have arisen regarding payments received in non-convertible rupees from bilateral account countries, such as Russian roubles. This circular clarifies that such payments will be treated the same as those received in convertible foreign exchange for the purposes of section 80HHB, allowing the deduction to apply.
TaxTMI 
TaxTMI 
