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of <h1>Finance Act, 1999 amends Section 80HHC of Income-tax Act: New competent authority, sub-section 4B added.</h1> Section 80HHC of the Income-tax Act is amended by the Finance Act, 1999. Effective from June 1, 1999, sub-section (2) is revised to replace the phrase concerning the Chief Commissioner's authority with a provision for a competent authority to allow extensions. An explanation is added defining 'competent authority' as the Reserve Bank of India or other authorized entities. Additionally, a new sub-section (4B) is inserted, effective from April 1, 1992, stipulating that any income not taxed under this Act should be excluded when computing total income under sub-sections (1) or (1A).
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