Amendment of section 80HHD

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..... "manner laid down in sub-section (4)", the following shall be substituted with effect from the 1st day of April, 2001, namely:- "in computing the total income of the assessee- (a) for an assessment year beginning on the 1st day of April, 2001, a deduction of a sum equal to the aggregate of- (i) forty per cent. of the profits derived by him from services provided to foreign tourists; and ( .....

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..... and credited to a reserve account to be utilised for the purposes of the business of the assessee in the manner laid down in sub-section (4); (c) for an assessment year beginning on the 1st day of April, 2003, a deduction of a sum equal to the aggregate of- (i) twenty per cent. of the profits derived by him from services provided to foreign tourists; and (ii) so much of the amount not excee .....

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