Tax exemption for sports associations introduced, and employer permitted to pay post-arrival salary tax for extended period. The Finance Act inserts a new tax exemption for Indian associations or institutions promoting specified sports, conditional on applying income solely to their objects, not distributing income to members except as grants to affiliates, and holding Central Government approval. It also revises a proviso concerning persons with Central Government-approved pre-arrival service contracts to treat the prior time-limited rule as an extended residence period and permits employers to pay salary tax for a subsequent period, excluding such paid tax from the employee's total income. Additionally, loan agreement wording is amended to include the US Development Loan Fund.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for sports associations introduced, and employer permitted to pay post-arrival salary tax for extended period.
The Finance Act inserts a new tax exemption for Indian associations or institutions promoting specified sports, conditional on applying income solely to their objects, not distributing income to members except as grants to affiliates, and holding Central Government approval. It also revises a proviso concerning persons with Central Government-approved pre-arrival service contracts to treat the prior time-limited rule as an extended residence period and permits employers to pay salary tax for a subsequent period, excluding such paid tax from the employee's total income. Additionally, loan agreement wording is amended to include the US Development Loan Fund.
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