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of <h1>Income-tax Act Section 80RRA Amended: Deduction Now Based on Remuneration Brought to India, Effective April 1, 1988.</h1> Section 80RRA of the Income-tax Act was amended by the Finance Act, 1987, effective April 1, 1988. The amendment changes the calculation of the deductible amount for remuneration received by an assessee. Instead of a flat fifty percent deduction, the amendment allows for a deduction of either fifty percent of the remuneration or seventy-five percent of the remuneration brought into India in compliance with the Foreign Exchange Regulation Act, 1973, and its rules, whichever is higher.
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