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of <h1>Section 80-O Amended: Indian Firms Can Deduct Foreign Income from Patents, Designs, and Services Starting April 1972.</h1> Section 80-O of the Income-tax Act is replaced, effective April 1, 1972, to allow Indian companies or residents to deduct income from royalties, commissions, fees, or similar payments received from foreign governments or enterprises for the use of patents, designs, or technical services provided outside India. The agreement must be approved by the Board, with applications submitted before October 1 of the relevant assessment year. Board approval is not needed for agreements approved by the Central Government before April 1, 1972. For non-company assessees, accounts must be audited, and the audit report submitted with the tax return.
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