Certificate requirement for Section 80HHB deduction: Form 10CCAH and annexure mandate accountant certification and reserve disclosures. A new sub rule requires that the accountant's certificate for claiming the deduction on profits from foreign projects be furnished in Form No.10CCAH. The Form requires examination of balance sheet and profit and loss account, confirmation of convertible foreign exchange receipts, certification that amounts credited to the Foreign Project Reserve Account were used only for business purposes other than distributions, and an annexure detailing computation of eligible profits, credits, utilisations and add backs. The certificate must be signed by a qualified chartered accountant or equivalent auditor and must state reasons for any negative or qualified answers.
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Certificate requirement for Section 80HHB deduction: Form 10CCAH and annexure mandate accountant certification and reserve disclosures.
A new sub rule requires that the accountant's certificate for claiming the deduction on profits from foreign projects be furnished in Form No.10CCAH. The Form requires examination of balance sheet and profit and loss account, confirmation of convertible foreign exchange receipts, certification that amounts credited to the Foreign Project Reserve Account were used only for business purposes other than distributions, and an annexure detailing computation of eligible profits, credits, utilisations and add backs. The certificate must be signed by a qualified chartered accountant or equivalent auditor and must state reasons for any negative or qualified answers.
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