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<h1>Income-tax Act Section 80RR Amended: Discretion Now with Competent Authority for Foreign Exchange Matters</h1> The Finance Act, 1999, amends section 80RR of the Income-tax Act, effective June 1, 1999. The amendment replaces the phrase regarding the Chief Commissioner's discretion with 'within such further period as the competent authority may allow.' Additionally, an explanation is added to define 'competent authority' as the Reserve Bank of India or any other authority authorized by law to regulate foreign exchange payments and dealings.