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of <h1>Income-Tax Act Section 80-O Amended: Income Must Be Received in India, 'Foreign Enterprise' Redefined as Non-Resident Person.</h1> Section 80-O of the Income-tax Act has been amended effective April 1, 1988, by the Finance Act, 1987. The amendment removes the phrase concerning convertible foreign exchange received outside India and changes the wording to specify income received in India. A new proviso allows income to be received in India within six months after the previous year ends, with possible extensions granted by the Commissioner for valid reasons. Additionally, the definition of 'foreign enterprise' is updated to mean a non-resident person.
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