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of <h1>Amendment to Section 80RR: Gradual Reduction of Deductions on Foreign Income from 2001 to 2004, Ending in 2005.</h1> Section 80RR of the Income-tax Act was amended by the Finance Act, 2000, effective April 1, 2001. The amendment specifies deductions from income brought into India in convertible foreign exchange. For the assessment year starting April 1, 2001, a 60% deduction is allowed, decreasing to 45% in 2002, 30% in 2003, and 15% in 2004. No deductions are permitted for the assessment year beginning April 1, 2005, and thereafter. The income must be brought into India within six months from the end of the previous year, or within an extended period as allowed by the competent authority.
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