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        Income Tax

        Remittance of net reinsurance premia after deduction of brokerage-Eligibility for deduction under Section 80-O of the Income-tax Act 1961

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        Deduction under Section 80-O: brokerage retained by reinsurance agents qualifies when received in convertible foreign exchange. When brokers deduct brokerage from gross reinsurance premia collected in India and remit net premia overseas, the brokerage retained by the reinsurance agent in India constitutes a receipt in convertible foreign exchange and is eligible for deduction under the stated provision, provided convertibility and FERA-related remittance requirements are satisfied.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Deduction under Section 80-O: brokerage retained by reinsurance agents qualifies when received in convertible foreign exchange.

                                When brokers deduct brokerage from gross reinsurance premia collected in India and remit net premia overseas, the brokerage retained by the reinsurance agent in India constitutes a receipt in convertible foreign exchange and is eligible for deduction under the stated provision, provided convertibility and FERA-related remittance requirements are satisfied.


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