Deduction under section 80RR increased: higher allowance when income is remitted into India under foreign exchange rules. The amendment replaces the earlier 25% allowance under section 80RR with a substituted rule providing, in computing an individual's total income, a deduction equal to either fifty per cent of the income or seventy-five per cent of the portion of that income brought into India in accordance with the Foreign Exchange Regulation Act and rules, the higher amount to be allowed, effective from the fiscal commencement stated by the statute.
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 under section 80RR increased: higher allowance when income is remitted into India under foreign exchange rules.
The amendment replaces the earlier 25% allowance under section 80RR with a substituted rule providing, in computing an individual's total income, a deduction equal to either fifty per cent of the income or seventy-five per cent of the portion of that income brought into India in accordance with the Foreign Exchange Regulation Act and rules, the higher amount to be allowed, effective from the fiscal commencement stated by the statute.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
