https://www.taxtmi.com/acts?id=50874 Section 80HHD grants a deduction to resident Indian hotels, approved tour operators and travel agents for profits from services to foreign tourists where receipts are in convertible foreign exchange. The deduction comprises an immediate deducted portion of profits and an amount transferable to a reserve account. Profits are apportioned where businesses are mixed, reserve amounts must be utilised within five years for prescribed tourism capital or facility purposes (with approval for assets outside India), and misuse or non utilisation results in those amounts being taxed as profits. A prescribed accountant's certificate must accompany the return. en-us Wed, 16 Apr 2025 16:20:10 +0530 Thu, 17 Apr 2025 13:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50874 Section 80HHD grants a deduction to resident Indian hotels, approved tour operators and travel agents for profits from services to foreign tourists where receipts are in convertible foreign exchange. The deduction comprises an immediate deducted portion of profits and an amount transferable to a reserve account. Profits are apportioned where businesses are mixed, reserve amounts must be utilised within five years for prescribed tourism capital or facility purposes (with approval for assets outside India), and misuse or non utilisation results in those amounts being taxed as profits. A prescribed accountant's certificate must accompany the return. Act-Rules F. Acts / Amendment Acts Wed, 16 Apr 2025 16:20:10 +0530 https://www.taxtmi.com/acts?id=50874