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of <h1>Clarification on Section 80-O: Foreign Exchange Criteria for Tax Benefits on Royalties, Commissions, and Fees Explained by RBI.</h1> The circular clarifies the eligibility criteria for the benefits under Section 80-O of the Income Tax Act, 1961, which requires that royalties, commissions, and fees be brought into India in convertible foreign exchange. The Reserve Bank of India (RBI) recognizes payments from countries in the External Group, excluding Nepal and Bhutan, as convertible foreign exchange if certified by an authorized dealer. Such certifications confirm compliance with exchange control regulations. Consequently, remittances from these countries, when processed through standard banking channels, qualify as convertible foreign exchange, thus meeting the criteria for Section 80-O benefits.
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