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of <h1>Income-tax Act Section 80-O amended: Deduction rates decrease annually from 2001 to 2004; eliminated post-2005.</h1> Section 80-O of the Income-tax Act was amended by the Finance Act, 2000, to modify the deduction percentages for income received in or brought into India. The amendment specifies a deduction of 40% for the assessment year starting April 1, 2001, decreasing to 30% for 2002, 20% for 2003, and 10% for 2004. No deductions are allowed for the assessment year beginning April 1, 2005, and for any subsequent years.
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