1FORM NO. IOCCAD

1FORM NO. IOCCAD

[See rule 18BBA(4)]

Report under section 80HHD of the Income-tax Act, 1961

*I/We have examined the accounts and records of M/s**.................................____________

(name and address of the assessee)

being a hotel/travel agent/tour operator, *relating to the business of provision of services to foreign tourists

carried on by the assessee during the year ended on ........................................

*I/We have obtained all the information and explanations which to the best of my/our* knowledge and

belief were necessary for the purposes of ascertaining the profits of the said assessee derived from the

provision of services to foreign tourists the receipts of which were received by the assessee in convertible

foreign exchange.

*I/We certify that the deduction to be claimed by the assessee under section 80HHD of the Income-tax Act,

1961 in respect of the assessment year...............is Rs?.............which has been worked out on the basis of

the details given in the Annexure to this form. In my/our* opinion and to the best of my/our* information

and according to the explanations given to me/us* the particulars given in the Annexure are true and

correct.

Date.............

____________.

Signed

$Accountant

Notes :

1. *Delete whichever is not applicable.

2. **Here give name and address.

3. $This report is to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949(38 of 1949); or

(ii) any person who, in relation to any State, is, by virtue of the provisions in sub-section (2) of

section226oftheCompaniesAct, 1956(1 of 1956).entitled to be appointed to act as an auditor of

companies registered in that State.

4. Where any of the matter stated in this report is answered in the negative or with a qualification, the

report shall state the reasons therefor.

ANNEXURE

1. Profits derived from provision of service to foreign tourists

computed as per sub-section (3) of section 80HHD.

Rs____________

2. Amount equivalent to 5096 of (1) above

Rs____________

3. Amount credited to a reserve account out of the remaining

profit utilised for the purposes of business of the assessee

as laid down in sub-section (4) of section 80HHD.

Rs____________

4. Deduction under section 80HHD to which the assessee is

entitled [item 2 plus item 3]

Rs____________

5. Remarks

Rs______

ACTION POINTS

1. Report is to be furnished along with the return of income.

2. Report has to be obtained in respect of each year for which deduction is claimed.

3. Read ?Notes? below the Form.

I. Inserted by the IT (Fifth Amdt.) Rules, 1989, w.e.f. 18-5-1989.

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About this agreement

1FORM NO. IOCCAD Format

The 1FORM NO. IOCCAD Format serves as an essential document for businesses in India's tourism sector seeking tax benefits under the Income-tax Act. This specialized report enables hotels, travel agents, and tour operators to claim deductions on profits derived from services provided to foreign tourists, where payments are received in convertible foreign exchange. By using a customizable 1FORM NO. IOCCAD Sample, assessees can ensure compliance and maximize eligible benefits during assessment proceedings.

What is 1FORM NO. IOCCAD?

1FORM NO. IOCCAD is the prescribed form under rule 18BBA(4) for submitting a report as required by section 80HHD of the Income-tax Act, 1961. It is used by qualified accountants to examine the accounts and records of businesses engaged in providing services to foreign tourists. The form certifies the profits eligible for deduction and details how the amount is computed, including amounts transferred to a reserve account. This legal template supports accurate reporting for the relevant assessment year and must accompany the return of income.

Why is 1FORM NO. IOCCAD Format Important?

This format plays a critical role in tax compliance for tourism-related enterprises in India. Key reasons include:

It verifies that receipts from foreign tourists are in convertible foreign exchange.
The report must be obtained for each year deduction is claimed.
It provides the basis for calculating the allowable deduction under section 80HHD.
Failure to furnish the report can result in disallowance of the claim.

Key Elements in Our 1FORM NO. IOCCAD Format

Our 1FORM NO. IOCCAD Format incorporates all mandatory components from the official document:

Examination statement confirming access to necessary information and explanations.
Certification of the deduction amount based on annexure details.
Annexure sections covering profits from foreign tourist services, 50% equivalent amount, reserve account credits, and total entitled deduction.
Notes clarifying applicability, signer qualifications, and negative responses.
Action points for timely submission with the income return.

Who Should Use This 1FORM NO. IOCCAD Sample?

This 1FORM NO. IOCCAD Sample is ideal for hotels, travel agents, and tour operators operating in India who derive income from foreign tourists. Accountants and auditors preparing tax filings for such clients will also find the Word format and PDF versions highly useful for efficient documentation and customization.

Download Your 1FORM NO. IOCCAD Format Now

Access your free download of the 1FORM NO. IOCCAD Format in editable Word format or PDF. This customizable legal template allows quick adaptation to specific business details while maintaining full compliance. Download now to streamline your tax reporting process.

Customization and Legal Advice Note

While this legal template offers a strong foundation, users should consult a qualified tax professional or chartered accountant for personalized advice. Explore related legal document templates such as other income tax forms and deduction claim reports for comprehensive compliance support.

Supporting Documents

This is a statutory tax report form under section 80HHD that must be certified by a chartered accountant or auditor and filed with the income-tax return. The following supporting documents and records are typically needed by the accountant to verify the profits, foreign exchange receipts, and deduction claim.

Books of accounts and financial statements
Detailed ledgers, profit & loss account and balance sheet for the relevant year to allow computation of profits from foreign tourist services.
When: Before signing the report
Foreign exchange receipt proofs
Bank statements, FIRC, BRC or other evidence showing receipts in convertible foreign exchange from foreign tourists.
When: Before signing the report
Service invoices and tourist records
Copies of bills/invoices issued to foreign tourists along with supporting details of services rendered.
When: Before signing the report
Reserve account statements
Bank or ledger proof of amounts credited to the reserve account as required under section 80HHD(4).
When: Before signing the report
Assessee's PAN and registration documents
PAN card, GST registration and business registration certificates of the hotel/travel agent/tour operator.
When: Before signing the report
Prior year 80HHD reports
Copies of section 80HHD reports for earlier years, if the deduction is being claimed on a continuing basis.
When: Only if applicable

Frequently asked questions

What is Form No. IOCCAD?→

Form No. IOCCAD is a standard legal document used in India for [specific purpose, e.g., intimation under Companies Act]. It ensures compliance with regulatory requirements for businesses.

Is Form No. IOCCAD legally valid in India?→

Yes, Form No. IOCCAD is legally valid across India when filed correctly with the relevant authority like MCA. Ensure it complies with the applicable Indian laws.

Do I need to pay stamp duty on Form No. IOCCAD?→

Stamp duty on Form No. IOCCAD varies by state in India; typically nominal or exempt for regulatory filings. Check state stamp duty rates before execution.

In what format can I download Form No. IOCCAD?→

Download Form No. IOCCAD in editable Word or PDF format for easy customization and printing, suitable for Indian legal use.

Can I edit or customize Form No. IOCCAD?→

Yes, the downloadable Form No. IOCCAD template is fully customizable. Edit details to suit your needs while maintaining legal compliance in India.

Who should use Form No. IOCCAD and when?→

Companies or businesses in India use Form No. IOCCAD when [e.g., commencing commercial operations]. File it within the prescribed timeline for legal validity.

1FORM NO. IOCCAD

1FORM NO. IOCCAD

[See rule 18BBA(4)]

Report under section 80HHD of the Income-tax Act, 1961

*I/We have examined the accounts and records of M/s**.................................____________

(name and address of the assessee)

being a hotel/travel agent/tour operator, *relating to the business of provision of services to foreign tourists

carried on by the assessee during the year ended on ........................................

*I/We have obtained all the information and explanations which to the best of my/our* knowledge and

belief were necessary for the purposes of ascertaining the profits of the said assessee derived from the

provision of services to foreign tourists the receipts of which were received by the assessee in convertible

foreign exchange.

*I/We certify that the deduction to be claimed by the assessee under section 80HHD of the Income-tax Act,

1961 in respect of the assessment year...............is Rs?.............which has been worked out on the basis of

the details given in the Annexure to this form. In my/our* opinion and to the best of my/our* information

and according to the explanations given to me/us* the particulars given in the Annexure are true and

correct.

Date.............

____________.

Signed

$Accountant

Notes :

1. *Delete whichever is not applicable.

2. **Here give name and address.

3. $This report is to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949(38 of 1949); or

(ii) any person who, in relation to any State, is, by virtue of the provisions in sub-section (2) of

section226oftheCompaniesAct, 1956(1 of 1956).entitled to be appointed to act as an auditor of

companies registered in that State.

4. Where any of the matter stated in this report is answered in the negative or with a qualification, the

report shall state the reasons therefor.

ANNEXURE

1. Profits derived from provision of service to foreign tourists

computed as per sub-section (3) of section 80HHD.

Rs____________

2. Amount equivalent to 5096 of (1) above

Rs____________

3. Amount credited to a reserve account out of the remaining

profit utilised for the purposes of business of the assessee

as laid down in sub-section (4) of section 80HHD.

Rs____________

4. Deduction under section 80HHD to which the assessee is

entitled [item 2 plus item 3]

Rs____________

5. Remarks

Rs______

ACTION POINTS

1. Report is to be furnished along with the return of income.

2. Report has to be obtained in respect of each year for which deduction is claimed.

3. Read ?Notes? below the Form.

I. Inserted by the IT (Fifth Amdt.) Rules, 1989, w.e.f. 18-5-1989.

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664 people have downloaded this document