What is Deduction in respect of remuneration received for services rendered outside India? Section 80RRA of Income Tax Act 1961
Deduction in respect of remuneration received for services rendered outside India is defined under section 80RRA of Income Tax Act 1961. Provisions under this Section is:
Section 80 RRA of Income Tax Act "Deduction in respect of remuneration received for services rendered outside India"
80RRA. (1) Where the gross total income of an individual who is a citizen of India includes any remuneration received by him in foreign currency from any employer (being a foreign employer or an Indian concern) for any service rendered by him outside India, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the individual, a deduction from such remuneration of an amount equal to-
(i) sixty per cent of such remuneration for an assessment year beginning on the 1st day of April, 2001;
(ii) forty-five per cent of such remuneration for an
assessment year beginning on the 1st day of April, 2002;
as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year or within such further period as the competent authority may allow in this behalf and no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year :
Provided that no deduction under this sub-section shall be allowed unless the assessee furnishes a certificate, in the prescribed form17, along with the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section.
(2) The deduction under this
section shall be allowed-
the case of any other individual, only if he is a technician
and the terms and conditions of his service outside India
are approved in this behalf by the Central Government or the
"foreign currency" shall have the meaning assigned to it in
18[the Foreign Exchange Management Act, 1999 (42 of 1999)];
(iii) any association or
body established outside India;
(d) "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.
What is Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste Deduction in respect of employment of new workmen? Section 80JJA and 80JJAA of Income Tax Act 1961