India - Income Tax Act 2010 - Saarc

S. 80-O I.T. ACT, 1961 1.494a foreign State or foreign enterprise 29 in consideration for the use 29 outsideIndia of any patent, invention, design or registered trade mark] 30 [***] 31 [and suchincome is received in convertible foreign exchange in India, or having beenreceived in convertible foreign exchange outside India, or having been convertedinto convertible foreign exchange outside India, is brought into India, byor on behalf of the assessee in accordance with any law for the time being in forcefor regulating payments and dealings in foreign exchange, there shall be allowed,in accordance with and subject to the provisions of this section, 32 [a deduction ofan 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 ofApril, 2002;(iii) twenty per cent for an assessment year beginning on the 1st day ofApril, 2003;(iv) ten per cent for an assessment year beginning on the 1st day of April,2004,of the income so received in, or brought into, India, in computing the totalincome of the assessee and no deduction shall be allowed in respect of theassessment year beginning on the 1st day of April, 2005 and any subsequentassessment year]] :33[***]34[Provided 35 [***] that such income is received in India within a period of six29. For the meaning of the terms/expressions “foreign enterprise” and “use”, see Taxmann’sDirect Taxes Manual, Vol. 3.30. Words “under an agreement approved in this behalf by the Chief Commissioner or theDirector General;” omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Earlier thesewords were substituted for “under an agreement approved by the Board in this behalf” bythe Finance Act, 1988, w.e.f. 1-4-1989.31. Substituted for “and such income is received in convertible foreign exchange in India,there shall be allowed, in accordance with and subject to the provisions of this section, adeduction of an amount equal to fifty per cent of the income so received in India incomputing the total income of the assessee” (as it stood after the amendment made by theFinance Act, 1987) by the Finance Act, 1988, w.e.f. 1-4-1988. Earlier, this portion of thesection was amended by the Finance Act, 1974, w.r.e.f. 1-4-1972 and later on by the FinanceAct, 1984, w.e.f. 1-4-1985.32. Substituted for the portion beginning with the words “a deduction of an amount” andending with the words “total income of the assessee” by the Finance Act, 2000, w.e.f.1-4-2001. Prior to its substitution, the quoted portion read as under :“a deduction of an amount equal to fifty per cent of the income so received in, or broughtinto, India, in computing the total income of the assessee”.33. Omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Prior to omission, the provisosas substituted by the Finance Act, 1988, w.e.f. 1-4-1989.34. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.35. Word “also” omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992.