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of <h1>Tax Deductions for Indian Companies: Sections 85B & 85C Offer Relief on Foreign Income from IP Services</h1> Sections 85B and 85C, inserted into the Income-tax Act by the Finance Act of 1966, provide tax deductions for Indian companies receiving income from foreign companies. Section 85B allows deductions on dividends from foreign companies for Indian companies that have provided patents, technical services, or similar intellectual property under a government-approved agreement. Section 85C offers similar deductions for royalties, commissions, or fees received from foreign companies for the use of intellectual property or technical services. In both cases, deductions apply to the portion of income tax exceeding 25% of the income received.
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