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of <h1>Section 85B (historical): Deduction for Indian company receiving foreign shares for IP/technical services allowed 75% tax relief</h1> Section 85B was inserted in 1966 and omitted in 1968; its prior provision allowed an Indian company that received shares in a foreign company in consideration of intellectual property or technical services (under a Central Government-approved agreement before the relevant cutoff) to claim a deduction from its income-tax. The deduction equaled the portion of income-tax computed at the average tax rate on dividends from those shares that exceeded twenty-five percent of that tax (effectively permitting a deduction of the remaining seventy-five percent of such tax).
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