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of <h1>Removal of tax deduction for foreign company dividends tied to IP or technical services under approved agreements</h1> The provision, now omitted, formerly permitted a tax deduction for dividends received from certain foreign companies where shares were allotted to the taxpayer in consideration of intellectual property or technical services under an approved agreement. Dividends included had to be received in convertible foreign exchange and brought into India in accordance with foreign-exchange law. The allowable deduction was a percentage of such dividend income, subject to prior approval procedures and specified timing for applications and transitional approvals. Explanatory clauses defined convertible foreign exchange and deemed repatriation where authorized by the central bank.
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