India - Income Tax Act 2010 - Saarc

1.433 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80HHDa travel agent, there shall, in accordance with and subject to the provisions of thissection, be allowed, 6 [in computing the total income of the assessee—(a) for an assessment year beginning on the 1st day of April, 2001, adeduction of a sum equal to the aggregate of—(i) forty per cent of the profits derived by him from services providedto foreign tourists; and(ii) so much of the amount not exceeding forty per cent of the profitsreferred to in sub-clause (i) as is debited to the profit and lossaccount of the previous year in respect of which the deduction isto be allowed and credited to a reserve account to be utilised forthe purposes of the business of the assessee in the manner laiddown in sub-section (4);(b) for an assessment year beginning on the 1st day of April, 2002, adeduction of a sum equal to the aggregate of—(i) thirty per cent of the profits derived by him from servicesprovided to foreign tourists; and(ii) so much of the amount not exceeding thirty per cent of the profitsreferred to in sub-clause (i) as is debited to the profit and lossaccount of the previous year in respect of which the deduction isto be allowed and credited to a reserve account to be utilised forthe purposes of the business of the assessee in the manner laiddown in sub-section (4);(c) for an assessment year beginning on the 1st day of April, 2003, adeduction of a sum equal to the aggregate of—(i) 7 [twenty-five] per cent of the profits derived by him from servicesprovided to foreign tourists; and(ii) so much of the amount not exceeding 7 [twenty-five] per cent ofthe profits referred to in sub-clause (i) as is debited to the profitand loss account of the previous year in respect of which thededuction is to be allowed and credited to a reserve account to beutilised for the purposes of the business of the assessee in themanner laid down in sub-section (4);6. Substituted for the portion beginning with the words “in computing the total income ofthe assessee, a deduction of a sum equal to the aggregate of—” and ending with the words“manner laid down in sub-section (4) :” by the Finance Act, 2000, w.e.f. 1-4-2001. Prior toits substitution, the quoted portion read as under :“in computing the total income of the assessee, a deduction of a sum equal to the aggregateof—(a) fifty per cent of the profits derived by him from services provided to foreigntourists ; and(b) so much of the amount out of the remaining profits referred to in clause (a) as isdebited to the profit and loss account of the previous year in respect of whichthe deduction is to be allowed and credited to a reserve account to be utilised forthe purposes of the business of the assessee in the manner laid down in sub-section(4) :”7. Substituted for “twenty” by the Finance Act, 2002, w.e.f. 1-4-2003.