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of <h1>Section 155 Amended: Deductions Allowed for Foreign Income Received in India with RBI Approval Within Four Years</h1> Section 155 of the Income-tax Act is amended to include a new sub-section (13), effective June 1, 1999. This provision addresses situations where deductions under specific sections were initially disallowed because the income was not received in convertible foreign exchange in India or brought into India. If such income is later received or brought into India with the approval of the Reserve Bank of India or an authorized authority, the Assessing Officer must amend the assessment order to allow the deduction. The amendment applies within four years from the end of the previous year in which the income is received or brought into India.
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