India - Income Tax Act 2010 - Saarc

1.503 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80RR1[Provided that no deduction under this section shall be allowed unless theassessee furnishes a certificate, in the prescribed form 2 , along with the return ofincome, certifying that the deduction has been correctly claimed in accordancewith the provisions of this section.]]3[***]4[Explanation.—For the purposes of this section, the expression “competentauthority” means the Reserve Bank of India or such other authority as isauthorised under any law for the time being in force for regulating paymentsand dealings in foreign exchange.]5[Deduction in respect of professional income from foreign sources in certaincases.680RR. Where the gross total income of an individual resident in India, beingan author, playwright, artist, 7 [musician, actor or sportsman (includingan athlete)], includes any income derived by him in the exercise of his professionfrom the Government of a foreign State or any person not resident in India, 8 [thereshall be allowed, in computing the total income of the individual, 9 [a deductionfrom such income of an amount equal to—(i) sixty per cent of such income for an assessment year beginning on the1st day of April, 2001;(ii) forty-five per cent of such income for an assessment year beginningon the 1st day of April, 2002;(iii) thirty per cent of such income for an assessment year beginning onthe 1st day of April, 2003;(iv) fifteen per cent of such income for an assessment year beginning onthe 1st day of April, 2004,1. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.2. See rule 29A and Form No. 10H.3. Omitted by the Finance Act, 1990, w.e.f. 1-4-1991.4. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.5. Inserted by the Finance Act, 1969, w.e.f. 1-4-1970.6. See also Circular No. 31, dated 25-10-1969 and Circular No. 675, dated 3-1-1994. Fordetails, see Taxmann’s Master Guide to Income-tax Act.7. Substituted for “musician or actor” by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980.8. Substituted for the words “and such income is received in, or brought into, India by himor on his behalf in accordance with the Foreign Exchange Regulation Act, 1947 (7 of 1947),and any rules made thereunder, there shall be allowed a deduction from such income ofan amount equal to twenty-five per cent of the income so received or brought, incomputing the total income of the individual” by the Finance Act, 1990, w.e.f. 1-4-1991.9. Substituted for the portion beginning with the words “a deduction from such income ofan amount” and ending with the words “competent authority may allow in this behalf” bythe Finance Act, 2000, w.e.f. 1-4-2001. Prior to its substitution, the quoted portion, asamended by the Finance Act, 1990, w.e.f. 1-4-1991, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997and Finance Act, 1999, w.e.f. 1-6-1999, read as under :“a deduction from such income of an amount equal to seventy-five per cent of suchincome, as is brought into India by, or on behalf of, the assessee in convertible foreignexchange within a period of six months from the end of the previous year or within suchfurther period as the competent authority may allow in this behalf”