Income tax exemptions revised: clarifies residency, adds NPS partial withdrawal relief and expands fund and capital gains exemptions. Amendments to section 10 revise exempt income categories: clarifying the residency reference for Non-Resident (External) Account interest; introducing an exemption for regulated partial withdrawals from the National Pension System Trust limited relative to employee contributions; extending exemption to Chief Minister's and Lieutenant Governor's Relief Funds and excluding corpus-directed voluntary contributions from being treated as application of income; excluding certain capital gains arising under a specified Land Pooling Scheme for eligible individuals/HUFs; narrowing long-term capital gains exemption for certain equity share acquisitions not subject to securities transaction tax; and exempting foreign companies on sale of leftover crude oil post-agreement subject to notified conditions.
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Provisions expressly mentioned in the judgment/order text.
Income tax exemptions revised: clarifies residency, adds NPS partial withdrawal relief and expands fund and capital gains exemptions.
Amendments to section 10 revise exempt income categories: clarifying the residency reference for Non-Resident (External) Account interest; introducing an exemption for regulated partial withdrawals from the National Pension System Trust limited relative to employee contributions; extending exemption to Chief Minister's and Lieutenant Governor's Relief Funds and excluding corpus-directed voluntary contributions from being treated as application of income; excluding certain capital gains arising under a specified Land Pooling Scheme for eligible individuals/HUFs; narrowing long-term capital gains exemption for certain equity share acquisitions not subject to securities transaction tax; and exempting foreign companies on sale of leftover crude oil post-agreement subject to notified conditions.
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