Exemption restriction for voluntary retirement receipts bars exemption when relief for those receipts has already been allowed.

Amendment restricts exemption under clause (10C) by disallowing that exemption where relief has been allowed under the relief provision for amounts received on voluntary retirement, termination or voluntary separation; it also revises the application deadline for certain exemption grants to on or before 30th September of the relevant assessment year, expands the definition of public sector banks to include those classified as other public sector banks by the central bank, and inserts an exclusion for income received for or on behalf of the New Pension System Trust.

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