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of <h1>Income-tax Act Amendments: New Deductions for Foreign Income, Updates to Section 155 and Section 74A References Effective 1975.</h1> Amendments to the Income-tax Act involve inserting new sub-sections in section 155, allowing deductions under sections 80N and 80-O for income received in convertible foreign exchange brought into India. These amendments require the Income-tax Officer to amend assessments to allow such deductions if the income is subsequently brought into India, with a four-year period for adjustments. Additionally, changes effective from April 1, 1975, involve substituting and inserting references to sub-section (3) of section 74A in various sections, including sections 75, 77, 80, 141A, 143, 155, and 157, updating the language to reflect these amendments.
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