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of <h1>Income Tax Section 80RR Amended: Increased Deduction for Foreign Income Brought to India from April 1991.</h1> Section 80RR of the Income-tax Act has been amended by the Finance Act, 1990. Previously, the section allowed a deduction of 25% on income received or brought into India under the Foreign Exchange Regulation Act, 1947. The amendment revises this to allow a deduction of either 50% of the income or 75% of the income brought into India under the Foreign Exchange Regulation Act, 1973, whichever is higher. This change is effective from April 1, 1991, and aims to provide greater tax relief on foreign income brought into India.
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