TaxTMI 
TaxTMI 
TaxTMI 
Deduction in respect of royalties, etc., from certain foreign enterprises
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....nge outside India, or having been converted into convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, 7[a deduction of an amount equal to- (i) forty per cent for an assessment year beginning on the 1st day of April, 2001; (ii) thirty per cent for an assessment year beginning on the 1st day of April, 2002; (iii) twenty per cent for an assessment year beginning on the 1st day of April, 2003; (iv) ten per cent for an assessment year beginning on the 1st day of April, 2004, of the income so ....
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....(2) 17[****]] **************** NOTES:- 1. Substituted vide Section 21 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, "80-O. Deduction in respect of royalties, etc., received from certain foreign companies. - Where the gross total income of an assessee being an Indian company includes any income by way of royalty, commission, fees or any similar payment received by it from a foreign company in consideration for the use of any patent, invention, model, design, secret formula or process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience or skill made available or provided or agreed to be made available or provided to t....
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....erprise by the assessee, or in consideration of technical or professional services rendered or agreed to be rendered outside India to such Government or enterprise by the assessee," Earlier, Amended vide Section 34 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1992 5. Omitted vide Section 34 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1992 before it was read as, "under an agreement approved in this behalf by the Chief Commissioner or the Director General;" Earlier, Amended vide Section 26 of the Finance Act, 1988 w.e.f. 01-04-1989 6. Substituted vide Section 26 of the Finance Act, 1988 w.e.f. 01-04-1988 before it was read as, "and such income is received in convertible foreign exchange in India, the....
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....972, or by the Board before the 1st day of April, 1989, and every application for such approval of any such agreement pending with the Board immediately before the 1st day of April, 1989 shall stand transferred to the Chief Commissioner or the Director General for disposal;" Earlier, Substituted vide Section 26 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, "Provided that the application for the approval of the agreement referred to in this sub-section is made to the Board before the 1st day of October of the assessment year in relation to which the approval is first sought: Provided further that approval of the Board shall not be necessary in the case of any such agreement which has been approved for the purpos....