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of <h1>Income-Tax Act Sections 80N and 80-O: Deductions apply only to income in convertible foreign exchange brought into India.</h1> Sections 80N and 80-O of the Income-Tax Act, as amended by the Finance Act of 1974, stipulate that deductions under these sections are applicable only to income received in convertible foreign exchange. This income must either be received in India or, if received outside, be converted into convertible foreign exchange and brought into India in compliance with foreign exchange regulations. 'Convertible foreign exchange' is defined as foreign exchange recognized by the Reserve Bank of India. Additionally, income used outside India with RBI's permission is considered as brought into India for regulatory purposes.
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