Foreign Project Deduction certificate confirms compliance and calculations required to claim deduction under section 80HHB. Certificate for claiming deduction under section 80HHB requires attestation of the assessee's foreign-project financials, confirmation that receipts were in convertible foreign exchange, and that amounts credited to the Foreign Project Reserve Account were utilised for business purposes other than distribution. The accountant must state the deduction amount claimed for the assessment year and certify the annexure particulars. The annexure must quantify profits from the eligible foreign project, the fifty per cent equivalent, foreign exchange brought into India, amounts credited and utilised in the Reserve Account, deduction allowable, and amounts to be added back, with assessment years and accountant's signature.
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.
Foreign Project Deduction certificate confirms compliance and calculations required to claim deduction under section 80HHB.
Certificate for claiming deduction under section 80HHB requires attestation of the assessee's foreign-project financials, confirmation that receipts were in convertible foreign exchange, and that amounts credited to the Foreign Project Reserve Account were utilised for business purposes other than distribution. The accountant must state the deduction amount claimed for the assessment year and certify the annexure particulars. The annexure must quantify profits from the eligible foreign project, the fifty per cent equivalent, foreign exchange brought into India, amounts credited and utilised in the Reserve Account, deduction allowable, and amounts to be added back, with assessment years and accountant's signature.
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