https://www.taxtmi.com/acts?id=6631 Rule 4 deems expenditures paid in Indian currency, obtained by conversion of foreign exchange, to have been incurred in foreign exchange when: (i) a travel agent converts foreign exchange through an authorised dealer to pay hotel expenses on behalf of foreign tourists; (ii) an airline makes such payments and furnishes Form No. 1 to the hotel; and (iii) nationals of specified countries pay hotel expenses and furnish Form No. 2. The Explanation defines "airline," "travel agent" and "authorised dealer" by reference to licensing and definitions in the Foreign Exchange Regulation Act, 1973. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 04 Mar 2009 11:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6631 Rule 4 deems expenditures paid in Indian currency, obtained by conversion of foreign exchange, to have been incurred in foreign exchange when: (i) a travel agent converts foreign exchange through an authorised dealer to pay hotel expenses on behalf of foreign tourists; (ii) an airline makes such payments and furnishes Form No. 1 to the hotel; and (iii) nationals of specified countries pay hotel expenses and furnish Form No. 2. The Explanation defines "airline," "travel agent" and "authorised dealer" by reference to licensing and definitions in the Foreign Exchange Regulation Act, 1973. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6631