TMI BlogDeduction in respect of royalties, etc., from certain foreign enterprisesX X X X Extracts X X X X X X X X Extracts X X X X ..... convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, 7 [ a deduction of an amount equal to- ( i ) forty per cent for an assessment year beginning on the 1st day of April, 2001; ( ii ) thirty per cent for an assessment year beginning on the 1st day of April, 2002; ( iii ) twenty per cent for an assessment year beginning on the 1st day of April, 2003; ( iv ) ten per cent for an assessment year beginning on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange. ] (2) 17 [ *** ]] ----------------------------- Notes :- 1. Substituted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. This topic was originally dealt with by section 85C which was inserted by the Finance Act, 1966, w.e.f. 1-4-1966. Section 80-O was inserted, in place of section 85C which was deleted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Section 80-O was later on amended by the Finance Act, 1968, w.e.f. 1-4-1969. 2. Substituted for (1) Where the gross total income of an assessee, being an Indian company or a person (other than a company) who is resident in India, by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w.e.f. 1-4-2001. Prior to its substitution, the quoted portion read as under : a deduction of an amount equal to fifty per cent of the income so received in, or brought into, India, in computing the total income of the assessee . 8. Omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Prior to omission, the provisos as substituted by the Finance Act, 1988, w.e.f. 1-4-1989. 9. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 10. Word also omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. 11. Substituted for the portion beginning with the words where the Chief Commissioner and ending with the words may allow in this behalf by the Finance Act, 1999, w.e.f. 1-6-1999. Prior to its substitution the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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