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<h1>Amendment to Section 80HHE: New Provision for Extension by Competent Authority, Explanation 2 Introduces Definition of Authority.</h1> Section 80HHE of the Income-tax Act is amended effective June 1, 1999. The amendment changes the wording in sub-section (2) to allow the competent authority to extend the period for certain actions. Additionally, the existing Explanation is renumbered as Explanation 1, and a new Explanation 2 is added. Explanation 2 defines 'competent authority' as the Reserve Bank of India or any other authority authorized by law to regulate foreign exchange transactions.