``Convertible foreign exchange'' in section 80HHB, 80HHC and 80-O of the Income-tax Act--Clarification regarding

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..... HB is that the consideration for the execution of a foreign project/work is payable in convertible foreign exchange and at least 50 per cent. of the profits and gains derived from the business of execution of foreign project/ work is brought into India in convertible foreign exchange within a specified time. Likewise, deduction under section 80HHC is allowed to an exporter only if the sale proceed .....

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..... rom bilateral account countries and receipts in Indian rupees under Government to Government credit. However, it does not include remittances from Nepal and Bhutan. (Sd.) K.M. Sultan, Officer on Special Duty(TPL) - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementind .....

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