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80RR Deduction of professional income from foreign sources in certain cases as per section 80RR, chapter via of Income Tax Act

 

Individual resident India being author, playwright, artist, musician, actor or sports man including an athlete who has received any income Foreign Government or person not resident in India can claim deduction section 80RR subject to conditions in specified in this section.

 

 

 

Provisions in the Income Tax Act related to Section 80RR

80RR Where the gross total income of an individual resident in India, being an author, playwright, artist, [musician, actor or sportsman (including an athlete)], includes any income derived by him in the exercise of his profession from the Government of a foreign State or any person not resident in India, there shall be allowed, in computing the total income of the individual, [a deduction from such income of an amount equal to-

(i) sixty per cent of such income for an assessment year beginning on the 1st day of April, 2001;

(ii) forty-five per cent of such income for an assessment year beginning on the 1st day of April, 2002;

(iii) thirty per cent of such income for an assessment year beginning on the 1st day of April, 2003;

(iv) fifteen per cent of such income for an assessment year beginning on the 1st day of April, 2004,

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 section shall be allowed unless the assessee furnishes a certificate, in the prescribed form, along with the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section.

Explanation.-For the purposes of this section, the expression "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.

 

 

 

Income Tax Deductions under Chapter VIA

Section 80A Deductions to be made in computing taxable income as per section 80A, chapter via of Income Tax Act

Section 80AB Any deduction is required to be made or allowed under any section included in Chapter VIA under the heading "C"

Section 80AC Income Tax return needs be filed before due date to get deduction under few sections of VIA

Section 80B meaning of Gross Total Income under Income Tax Act

Section 80C Deduction in respect of LIC Premia, deferred annuity, PF contributions subscription to certain equity shares or debentures, etc.

Section 80CCA Deduction available to assessee in respect of deposits under National Savings Scheme or payment to a deferred annuity plan

Section 80CCB Deduction in respect of investment made under Equity Linked Savings Scheme

Section 80CCC Deduction in respect of contribution to certain pension funds

Section 80CCD Deduction in respect of contribution to pension scheme of Central Government

Section 80CCE Limit on deductions under sections Section 80C, 80CCC and 80CCD

Section 80CCG Deduction in respect of investment made under an equity savings scheme

Section 80D Deduction in respect of health insurance premia

Section 80DD Deduction of of maintenance including medical treatment of a dependant person with disability

Section 80DDB Deduction against Medical Treatment Expenses etc incurred

Section 80E Deduction against interest on loan taken for higher education

Section 80EE Deduction against interest on loan taken for residential house property

Section 80G Deduction against donations to certain funds, charitable institutions, etc

Section 80GG Deductions against rents paid

Section 80GGA Deduction in respect of certain donations for scientific research or rural development

Section 80GGB Deduction in respect of contributions given by companies to political parties

Section 80GGC Deduction against contributions given by any person to political parties

Section 80HH Deduction against profits and gains from newly established industrial undertakings or hotel business in backward areas

Section 80HHA Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas

Section 80HHB Deduction in respect of profits and gains from projects outside India

Section 80HHBA Deduction against profits and gains from housing projects in certain cases

Section 80HHC Deduction in respect of profits retained for export business

Section 80HHD Deduction of earnings in convertible foreign exchange

Section 80HHE Deduction of profits from export of computer software

Section 80HHF Deduction of profits and gains from export or transfer of film software, etc

Section 80I Deduction profits and gains from industrial undertakings after a certain date, etc

Section 80IA Deductions of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc

Section 80IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone

Section 80IB Deduction of profits and gains from certain industrial undertakings other than infrastructure development undertakings

Section 80IC Special provisions of certain undertakings or enterprises in certain special category States

Section 80ID Deduction of profits and gains from business of hotels and convention centres in specified area

Section 80IE Special provisions in respect of certain undertakings in North-Eastern Statesa>

Section 80JJA Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste

Section 80JJAA Deduction of employment of new workmen

Section 80LA Deductions of certain incomes of Offshore Banking Units and International Financial Services Centre

Section 80O Deduction of royalties, etc., from certain foreign enterprises

Section 80P Deduction of income of co-operative societies

Section 80Q Deduction of profits and gains from the business of publication of books

Section 80QQA Deduction of professional income of authors of text books in Indian languages

Section 80QB Deduction of royalty income, etc., of authors of certain books other than text-books

Section 80R Deduction of remuneration from certain foreign sources in the case of professors, teachers, etc

Section 80RR Deduction of professional income from foreign sources in certain cases

Section 80RRA Deduction of remuneration received for services rendered outside India

Section 80RRB Deduction of royalty on patents

Section 80TTA Deduction of interest on deposits in savings account

Section 80U Deduction in case of a person with disability

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