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        F. Acts / Amendment Acts

        Section 8 - Amendment of Section 80N

        Finance Act, 1974
        Chapter III
        DIRECT TAXES
        Income-tax

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        Deduction for foreign exchange receipts: only income received or brought into India in convertible foreign exchange qualifies. Deduction under section 80N is allowed only for income included in gross total income that is received in convertible foreign exchange in India, or received/converted outside India and brought into India in convertible foreign exchange in accordance with foreign exchange law; an Explanation defines convertible foreign exchange as that treated as such by the monetary regulator and deems income used abroad with permission to have been brought into India on the permission date.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Deduction for foreign exchange receipts: only income received or brought into India in convertible foreign exchange qualifies.

                                Deduction under section 80N is allowed only for income included in gross total income that is received in convertible foreign exchange in India, or received/converted outside India and brought into India in convertible foreign exchange in accordance with foreign exchange law; an Explanation defines convertible foreign exchange as that treated as such by the monetary regulator and deems income used abroad with permission to have been brought into India on the permission date.


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