Tax exemption expansion: new clauses exempt notified UPSC allowances, public authority specified income, and certain infrastructure fund income. Amendments to section 10 amend tax-exempt categories by omitting a previous Explanation and inserting new clauses that: exempt allowances or perquisites to Chairmen and members of the Union Public Service Commission when notified by the Central Government; exempt specified income of bodies or authorities established by statute and not engaged in commercial activity where such income is notified by the Central Government; and exempt income of infrastructure debt funds notified by the Central Government under prescribed guidelines, with the Government empowered to specify the nature and extent of such specified income by Gazette notification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption expansion: new clauses exempt notified UPSC allowances, public authority specified income, and certain infrastructure fund income.
Amendments to section 10 amend tax-exempt categories by omitting a previous Explanation and inserting new clauses that: exempt allowances or perquisites to Chairmen and members of the Union Public Service Commission when notified by the Central Government; exempt specified income of bodies or authorities established by statute and not engaged in commercial activity where such income is notified by the Central Government; and exempt income of infrastructure debt funds notified by the Central Government under prescribed guidelines, with the Government empowered to specify the nature and extent of such specified income by Gazette notification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
