{"act":{"id":"finance-act-2000","short_title":"The Finance Act, 2000","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2000-2001.","act_number":null,"act_year":2000,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":82,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2000/"},"unit":"section","section":{"number":"35","heading":"Amendment of section 80HHD","text":"Amendment of section 80HHD. 35. In section 80HHD of the Income-tax Act, in sub-section (1), for the portion beginning with the words \"in computing the total income of the assessee, a deduction of a sum equal to the aggre­gate of—\" and ending with the words, brackets and figure \"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 (ii) so much of the amount not exceeding forty per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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); (b) for an assessment year beginning on the 1st day of April, 2002, a deduction of a sum equal to the aggregate of— (i) thirty per cent of the profits derived by him from services provided to foreign tourists; and (ii) so much of the amount not exceeding thirty per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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 exceeding twenty per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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); (d) for an assessment year beginning on the 1st day of April, 2004, a deduction of a sum equal to the aggregate of— (i) ten per cent of the profits derived by him from serv­ices provided to foreign tourists; and (ii) so much of the amount not exceeding ten per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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), and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80HHD.</b></p><p><b>35.</b> In section 80HHD of the Income-tax Act, in sub-section (1), for the portion beginning with the words \"in computing the total income of the assessee, a deduction of a sum equal to the aggre­gate of—\" and ending with the words, brackets and figure \"manner laid down in sub-section (4)\", the following shall be substituted with effect from the 1st day of April, 2001, namely:—</p><p>\"in computing the total income of the assessee—</p><p>(<i>a</i>) for an assessment year beginning on the 1st day of April, 2001, a deduction of a sum equal to the aggregate of—</p><p>(<i>i</i>) forty per cent of the profits derived by him from services provided to foreign tourists; and</p><p>(<i>ii</i>) so much of the amount not exceeding forty per cent of the profits referred to in sub-clause (<i>i</i>) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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);</p><p>(<i>b</i>) for an assessment year beginning on the 1st day of April, 2002, a deduction of a sum equal to the aggregate of—</p><p>(<i>i</i>) thirty per cent of the profits derived by him from services provided to foreign tourists; and</p><p>(<i>ii</i>) so much of the amount not exceeding thirty per cent of the profits referred to in sub-clause (<i>i</i>) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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);</p><p>(<i>c</i>) for an assessment year beginning on the 1st day of April, 2003, a deduction of a sum equal to the aggregate of—</p><p>(<i>i</i>) twenty per cent of the profits derived by him from services provided to foreign tourists; and</p><p>(<i>ii</i>) so much of the amount not exceeding twenty per cent of the profits referred to in sub-clause (<i>i</i>) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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);</p><p>(<i>d</i>) for an assessment year beginning on the 1st day of April, 2004, a deduction of a sum equal to the aggregate of—</p><p>(<i>i</i>) ten per cent of the profits derived by him from serv­ices provided to foreign tourists; and</p><p>(<i>ii</i>) so much of the amount not exceeding ten per cent of the profits referred to in sub-clause (<i>i</i>) as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed 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),</p><p>and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":540,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2000/section/35/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}