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of <h1>Finance Act 1974 Amends Section 80-O: New Deduction Rules for Foreign Income, Applies Retroactively from April 1972</h1> The amendment to Section 80-O of the Income-tax Act, introduced by the Finance Act, 1974, modifies the conditions under which deductions are allowed for income received in convertible foreign exchange. The amendment specifies that such income must be received or brought into India in accordance with foreign exchange regulations. Additionally, an explanation from Section 80N is applied to Section 80-O. The amendment also changes the eligibility criteria, limiting the deduction to Indian companies from April 1, 1975, and omits sub-section (2) from the same date. These changes are retroactively effective from April 1, 1972.
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