India - Income Tax Act 2010 - Saarc

S. 80RRA I.T. ACT, 1961 1.504as 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 orwithin such further period as the competent authority may allow in this behalfand no deduction shall be allowed in respect of the assessment year beginningon the 1st day of April, 2005 and any subsequent assessment year]] :10[Provided that no deduction under this section shall be allowed unless theassessee furnishes a certificate, in the prescribed form 11 , along with the return ofincome, certifying that the deduction has been correctly claimed in accordancewith the provisions of this section.]]12[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 payments anddealings in foreign exchange.]13[Deduction in respect of remuneration received for services rendered outsideIndia.1480RRA. (1) Where the gross total income of an individual who is a citizen ofIndia includes any remuneration 15 received by him in foreign currencyfrom any employer 15 (being a foreign employer or an Indian concern) forany service rendered by him outside India, there shall, in accordance with andsubject to the provisions of this section, be allowed, in computing the totalincome of the individual, 16 [a deduction from such remuneration of an amountequal to—(i) sixty per cent of such remuneration for an assessment year beginningon the 1st day of April, 2001;(ii) forty-five per cent of such remuneration for an assessment yearbeginning on the 1st day of April, 2002;(iii) thirty per cent of such remuneration for an assessment year beginningon the 1st day of April, 2003;10. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.11. See rule 29A and Form No. 10H.12. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.13. Substituted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978. Original section was insertedby the Finance Act, 1975, w.e.f. 1-4-1975.14. See also Circular No. 356, dated 17-3-1983 and Circular No. 705, dated 20-6-1995. Fordetails, see Taxmann’s Master Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.15. For the meaning of the terms “employer” and “remuneration”, see Taxmann’s Direct TaxesManual, Vol. 3.16. Substituted for the portion beginning with the words “a deduction from such remuneration”and ending with the words “authority may allow in this behalf” by the Finance Act,2000, w.e.f. 1-4-2001. Prior to its substitution, the quoted portion, as amended by theFinance Act, 1987, w.e.f. 1-4-1988, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997 and FinanceAct, 1999, w.e.f. 1-6-1999, read as under :“a deduction from such remuneration of an amount equal to seventy-five per cent of suchremuneration, as is brought into India by, or on behalf of, the assessee in convertibleforeign exchange within a period of six months from the end of the previous year or withinsuch further period as the competent authority may allow in this behalf”