Circular No. 710-Income Tax Chief Commissioners and corporate assessees have been seeking clarification regarding taxability of the perquisite on shares issued to the employees at less than market price
Circular No. 711-Income Tax Section 80HHB of the Income-tax Act provides for a deduction of 50 per cent of profits derived from projects abroad, in the computation of taxable income. The incentive is subject to the condition that 50 per cent of profits derived from such projects be brought into India in convertible foreign exchange
