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of <h1>Amendment to Section 80RRA: 75% Tax Deduction on Foreign Remuneration with Extension Option for Late Conversion.</h1> Section 80RRA of the Income-tax Act has been amended by the Finance (No. 2) Act, 1996, effective from April 1, 1997. The amendment modifies sub-section (1) to allow a deduction equal to seventy-five percent of the remuneration brought into India in convertible foreign exchange within six months from the end of the previous year. If the assessee is unable to meet this deadline for reasons beyond their control, the Chief Commissioner or Commissioner may extend the period. The deduction is contingent upon the assessee providing a prescribed certificate with their income return, confirming the correct claim of the deduction.
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