https://www.taxtmi.com/acts?id=4306 Deduction for profits from specified foreign projects is allowed where consideration is in convertible foreign exchange; claimant must maintain separate audited accounts, furnish a prescribed accountant's certificate, debit the prescribed percentage to a Foreign Projects Reserve Account, and remit the corresponding amount in convertible foreign exchange into India within six months (or any competent authority-allowed extension). The reserve must be used for business purposes (not distribution) for five years, failing which the deduction is treated as wrongly allowed and the Assessing Officer may recompute income. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 12:43:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4306 Deduction for profits from specified foreign projects is allowed where consideration is in convertible foreign exchange; claimant must maintain separate audited accounts, furnish a prescribed accountant's certificate, debit the prescribed percentage to a Foreign Projects Reserve Account, and remit the corresponding amount in convertible foreign exchange into India within six months (or any competent authority-allowed extension). The reserve must be used for business purposes (not distribution) for five years, failing which the deduction is treated as wrongly allowed and the Assessing Officer may recompute income. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4306