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of <h1>Finance Bill 2023 Amends Section 10AA: New Deduction Rules for Late Filers, Foreign Exchange, and Export Turnover Defined</h1> Clause 6 of the Finance Bill, 2023 amends section 10AA of the Income-tax Act, effective April 1, 2024. It introduces a proviso to deny deductions for assessees not filing returns by the due date under section 139(1). A new sub-section (4A) stipulates that deductions apply if proceeds from sales or services are received in India as convertible foreign exchange within six months of the previous year, or as extended by the competent authority. 'Competent Authority' is defined as the Reserve Bank of India. Amendments also redefine 'convertible foreign exchange' and 'export turnover' to align with these changes.
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