Deduction in respect of earnings in convertible foreign exchange (1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of a hotel or of a tour operator, approved by the prescribed authority in this behalf or of a travel agent, there shall, […]

Deduction in respect of profits retained for export business Section 80HHC of the Indian Income Tax Act provides certain tax deductions for businesses involved in exporting goods from India. This section aims to encourage and support Indian businesses engaged in international trade. Let’s break down the key points in simpler terms and provide examples: Deduction

Deduction in respect of profits and gains from housing projects in certain cases (1) Where the gross total income of an assessee being an Indian company or a person (other than a company) who is a resident in India includes any profits and gains derived from the execution of a housing project awarded to the

Deduction in respect of profits and gains from projects outside India (1) Where the gross total income of an assessee being an Indian company or a person (other than a company) who is resident in India includes any profits and gains derived from the business of— (a) the execution of a foreign project undertaken by

Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas (1) Where the gross total income of an assessee includes any profits and gains derived from a small-scale industrial undertaking to which this section applies, there shall, in accordance with and subject to the provisions of this section, be

Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas (1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking, or the business of a hotel, to which this section applies, there shall, in accordance with and subject

Deduction in case of new industrial undertakings employing displaced persons, etc. [Omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. Originally, it was inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.]

Deduction in respect of contributions given by any person to political parties In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly or partly funded by the Government, there shall be deducted any amount of contribution made by him, in the previous year, to a

Deduction in respect of contributions given by companies to political parties In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year to any political party or an electoral trust: Provided that no deduction shall be allowed under this section in respect