India - Income Tax Act 2010 - Saarc

1.437 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80HHDExplanation.—For the purposes of this section,—(a) “travel agent” means a travel agent or other person (not being anairline or a shipping company) who holds a valid licence granted bythe Reserve Bank of India under section 32 28 of the Foreign ExchangeRegulation Act, 1973 (46 of 1973);(b) “convertible foreign exchange” shall have the meaning assigned to itin clause (a) of the Explanation to section 80HHC;(c) “services provided to foreign tourists” shall not include services byway of sale in any shop owned or managed by the person who carrieson the business of a hotel or of a tour operator or of a travel agent;29[(d) 30 “authorised dealer”, 31 “foreign exchange” and 32 “Indian currency”shall have the meanings respectively assigned to them in clauses (b),(h) and (k) of section 2 of the Foreign Exchange Regulation Act, 1973(46 of 1973);]33[(e) “eligible issue of capital” means an issue made by a public companyformed and registered in India and the entire proceeds of the issue isutilised wholly and exclusively for the purpose of carrying on thebusiness of—(i) setting up and running of new hotels approved by the prescribedauthority; or(ii) providing such new facility for the growth of tourism in India, asthe Central Government may, by notification in the OfficialGazette, specify.]28. Section 32 of FERA, 1973 was omitted by the Foreign Exchange Regulation (Amendment)Act, 1993, w.r.e.f. 8-1-1993.29. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992.30. Section 2(b) of the Foreign Exchange Regulation Act, 1973, defines “authorised dealer” asunder:‘(b) “authorised dealer” means a person for the time being authorised under section 6to deal in foreign exchange;’For the definition of term under FEMA, 1999, see Appendix.31. Clause (h) of section 2 of the Foreign Exchange Regulation Act, 1973, defines “foreignexchange” as follows :‘(h) “foreign exchange” means foreign currency and includes—(i) all deposits, credits and balances payable in any foreign currency, and any drafts,traveller’s cheques, letters of credit and bills of exchange, expressed or drawn inIndian currency but payable in any foreign currency;(ii) any instrument payable, at the option of the drawee or holder thereof or any otherparty thereto, either in Indian currency or in foreign currency or partly in one andpartly in the other ;’For the definition of term under FEMA, 1999, see Appendix.32. Section 2(k) of the Foreign Exchange Regulation Act, 1973, defines “Indian currency” asunder :‘(k) “Indian currency” means currency which is expressed or drawn in Indian rupeesbut does not include special bank notes and special one rupee notes issued undersection 28A of the Reserve Bank of India Act, 1934 (2 of 1934);’For the definition of term under FEMA, 1999, see Appendix.33. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.