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of <h1>Amendment to Section 80RRA: Phased Reduction in Deductions on Foreign Remuneration from 2001 to 2005</h1> Section 80RRA of the Income-tax Act was amended by the Finance Act, 2000, effective from April 1, 2001. The amendment specifies deductions from remuneration brought into India in convertible foreign exchange. For the assessment year starting April 1, 2001, the deduction is 60%; for April 1, 2002, it is 45%; for April 1, 2003, it is 30%; and for April 1, 2004, it is 15%. No deductions are allowed for the assessment year beginning April 1, 2005, and subsequent years. These deductions must occur within six months from the end of the previous year or within an extended period allowed by the competent authority.
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