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Section8
The Finance Act, 1974

Amendment of section 80N

In force As on 14 Oct 2026

Ministry Finance

Section 8 of the Finance Act, 1974 deals with amendment of section 80N. Amendment of section 80N. 8. In section 80N of the Income-tax Act,— (a) the words and brackets "or a person (other than a company) who is resident in India" shall be omitted with effect from the 1st day of April, 1975;

Amendment of section 80N.

8. In section 80N of the Income-tax Act,—

(a) the words and brackets "or a person (other than a company) who is resident in India" shall be omitted with effect from the 1st day of April, 1975;

(b) for the words "is included in the gross total income of the assessee, there shall be allowed a deduction of the whole of such income," the words "included in the gross total income of the assessee is received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be, allowed a deduction of the whole of the income so received in, or brought into, India," shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1969;

(c) the following Explanation shall be inserted, and shall be deemed to have been inserted, at the end, with effect from the 1st day of April, 1969, namely: —

'Explanation.—For the purposes of this section,—

(i) "convertible foreign exchange" means , foreign ex- 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;

(ii) any income used by the assessee outside India in the manner permitted by the Reserve Bank of India shall be deemed to have been brought into India in accordance with the law for the time being in force for regulating payments and dealings in foreign exchange, on the date on which such permission is given.'.

[Finance Act, 1974]

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Section 8, The Finance Act, 1974.

Questions about Section 8

What does Section 8 of the Finance Act deal with?

Section 8 of the Finance Act is headed "Amendment of section 80N". Amendment of section 80N. 8. In section 80N of the Income-tax Act,— (a) the words and brackets "or a person (other than a company) who is resident in India" shall be omitted with effect from the 1st day of April, 1975;

How do I find court cases under Section 8 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1974 8, section 8 Finance Act 1974, section 8 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

When was the Finance Act enacted?

Finance Act was enacted in 1974. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.