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 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