Income Tax Act, 2025
Section 7: Subs. by Act 10 of 2000, s. 41, for certain words (w.e.f. 12001).
7. Subs. by Act 10 of 2000, s. 41, for certain words (w.e.f. 12001).
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(ii) thirty per cent. for an assessment year beginning on the 1st day of April, 2002;
(iii) twenty per cent. for an assessment year beginning on the 1st day of April, 2003;
(iv) ten per cent. for an assessment year beginning on the 1st day of April, 2004,
of the income so received in, or brought into, India, in computing the total income of the assessee 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]]:
1* * * * *
2[3[Provided] that such income is received in India within a period of six months from the end of the
previous year, or 4[within such further period as the competent authority may allow in this behalf]:]
5[Provided further 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.]
6[Explanation.—For the purposes of this section,—
(i) “convertible foreign exchange” means foreign exchange which is for the time being treated by
the Reserve Bank of India as convertible foreign exchange for the purposes of the law for the time
being in force for regulating payments and dealings in foreign exchange;
2[(ii) “foreign enterprise” means a person who is a non-resident;]]
7[(iii) services rendered or agreed to be rendered outside India shall include services rendered
from India but shall not include services rendered in India;]
8[(iv) “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.]
9* * * * *
[80P. Deduction in respect of income of co-operative societies.—(1) Where, in the case of an
assessee being a co-operative society, the gross total income includes any income referred to in subsection (2), there shall be deducted, in accordance with and subject to the provisions of this section, the
sums specified in sub-section (2), in computing the total income of the assessee.
(2) The sums referred to in sub-section (1) shall be the following, namely:—
(a) in the case of a co-operative society engaged in—
thirty per cent. for an assessment year beginning on the 1st day of April, 2002;
twenty per cent. for an assessment year beginning on the 1st day of April, 2003;
ten per cent. for an assessment year beginning on the 1st day of April, 2004,
of the income so received in, or brought into, India, in computing the total income of the assessee 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]]:
1* * * * *
2[3[Provided] that such income is received in India within a period of six months from the end of the
previous year, or 4[within such further period as the competent authority may allow in this behalf]:]
5[Provided further 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.]
6[Explanation.—For the purposes of this section,—
“convertible foreign exchange” means foreign exchange which is for the time being treated by
the Reserve Bank of India as convertible foreign exchange for the purposes of the law for the time
being in force for regulating payments and dealings in foreign exchange;
2[
“foreign enterprise” means a person who is a non-resident;]]
7[
services rendered or agreed to be rendered outside India shall include services rendered
from India but shall not include services rendered in India;]
8[
“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.]
9* * * * *
[80P. Deduction in respect of income of co-operative societies.—
Where, in the case of an
assessee being a co-operative society, the gross total income includes any income referred to in subsection
The sums referred to in sub-section
shall be the following, namely:—
in the case of a co-operative society engaged in—