Amendments to Income tax Act revise section references, redefine convertible foreign exchange and banking company, and omit Tenth Schedule.

Consequential amendments to the Income tax Act effective 1 April 1986 adjust cross references and definitions: a section reference is substituted by 80U and redundant references to a relief clause are omitted; the Explanation to the relief provision now defines convertible foreign exchange and deems income used abroad with Reserve Bank permission to be brought into India on the permission date; other relief sections are amended to revise cross references and add an exempting clause; the Explanation of banking company in two transfer provisions is aligned with the Banking Regulation framework; the Tenth Schedule is omitted.

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