Income-tax Act Section 10 amended: Exemptions for UPSC officials, non-commercial bodies, and infrastructure debt funds.
Section 10 of the Income-tax Act was amended by the Finance Act, 2011. The amendment involved omitting an explanation in clause (34) related to the Special Economic Zones Act, effective June 1, 2011. A new clause (45) was inserted retroactively from April 1, 2008, exempting allowances or perquisites for certain officials of the Union Public Service Commission. Clause (46), effective June 1, 2011, exempts specified income of certain non-commercial bodies established by law for public benefit. Clause (47) exempts income of infrastructure debt funds, as notified by the Central Government, following prescribed guidelines.
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