(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] [Substituted by Act 10 of 2000, Section 43, for certain words (w.e.f. 1.4.2001).][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;(iii)thirty per cent. of such remuneration for an assessment year beginning on the 1st day of April, 2003;(iv)fifteen per cent. of such remuneration 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 sub-section shall be allowed unless the assessee furnishes a certificate, in the prescribed form, alongwith the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section.] [ Inserted by Act 33 of 1996, Section 33 (w.e.f. 1.4.1997).]
