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of <h1>Finance Act 1974 amends Section 80N: Income deduction now requires receipt in convertible foreign exchange under new conditions.</h1> Section 80N of the Income-tax Act is amended by the Finance Act, 1974, with changes effective from April 1, 1975. The amendment removes the phrase 'or a person (other than a company) who is resident in India' and modifies the conditions under which income is eligible for deduction. Income included in the gross total income must be received in convertible foreign exchange in India or brought into India according to foreign exchange regulations to qualify for deduction. An explanation defines 'convertible foreign exchange' and clarifies that income used abroad with Reserve Bank of India permission is considered brought into India.
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