Deduction for convertible foreign exchange income: a specified portion of qualifying foreign exchange receipts brought into India is deductible. The amendment transfers approval authority for qualifying agreements under section 80-O to the Chief Commissioner or the Director General, expands qualifying receipts to include convertible foreign exchange received in India or received/converted abroad and brought into India, and allows a deduction equal to fifty per cent. of such income. It prescribes that applications for approval be filed in prescribed form and verified manner before the relevant deadline, preserves prior approvals granted by earlier authorities, and transfers pending applications to the Chief Commissioner or Director General for disposal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for convertible foreign exchange income: a specified portion of qualifying foreign exchange receipts brought into India is deductible.
The amendment transfers approval authority for qualifying agreements under section 80-O to the Chief Commissioner or the Director General, expands qualifying receipts to include convertible foreign exchange received in India or received/converted abroad and brought into India, and allows a deduction equal to fifty per cent. of such income. It prescribes that applications for approval be filed in prescribed form and verified manner before the relevant deadline, preserves prior approvals granted by earlier authorities, and transfers pending applications to the Chief Commissioner or Director General for disposal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
