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Remittance of net reinsurance premia after deduction of brokerage-Eligibility for deduction under Section 80-O of the Income-tax Act 1961 - Income Tax - 731

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..... use outside India of any patent, invention, model, design, secret formula or process, etc. or in consideration of technical or professional services rendered by the resident. The deduction is available if such income is received in India in convertible foreign exchange, or having been converted into convertible foreign exchange outside India, is brought in by or on behalf of the Indian company or aforementioned assessee in accordance with the relevant provisions of Foreign Exchange Regulation A .....

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Remittance of net reinsurance premia after deduction of brokerage-Eligibility for deduction under Section 80-O of the Income-tax Act 1961 - Income Tax

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..... been examined. The condition for deduction under Section 80-O is that the receipt should be in convertible foreign exchange. When the commission is remitted abroad, it should be in a currency that is regarded as convertible foreign exchange according to FERA. Board are of the view that in such cases the receipt of brokerage by a reinsurance agent in India from the gross premia before remittance to his foreign principals will also be entitled to the deduction under Section 80-O of the Act. Sd/- S .....

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Remittance of net reinsurance premia after deduction of brokerage-Eligibility for deduction under Section 80-O of the Income-tax Act 1961 - Income Tax

X X   X X   Extracts   X X   X X