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of <h1>Income Tax Department Revises Approval Process for Agreements u/s 80MM, Focuses on Technical Know-How Income Exemption.</h1> The circular issued by the Income Tax Department addresses the approval of agreements under section 80MM of the Income-tax Act, 1961, which pertains to income from royalties, commissions, and fees related to technical know-how. Previously, agreements specifying a consolidated amount for purposes beyond section 80MM were not approved if the qualifying amount could not be determined. The Board has revised this stance, allowing approval with adjustments for non-qualifying items, ensuring that only the portion related to technical know-how is exempted under section 80MM.
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