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of <h1>Guidelines for Section 80-O: Indian Firms Can Claim 50% Deduction on Foreign Income; Applications Due by October 1.</h1> The circular provides guidelines for the disposal of applications under Section 80-O of the Income-tax Act, 1961, which allows Indian companies to claim a 50% deduction on net income earned from foreign sources through royalties, commissions, or fees. The approval of such agreements has been delegated to Chief Commissioners and Directors General of Income-tax from April 1, 1989. Applications must be submitted in Form No. 10F by October 1 of the assessment year. The criteria for approval, including the nature of the agreement, the type of services rendered, and the relationship between the parties involved. It also addresses the interplay with Section 80HHB, which pertains to foreign project income. The circular mandates regular reporting and record-keeping of application processing.
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