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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act 1961: Amendment to Section 7 Adds Clause on Retiring Gratuity for Defence Services, Retroactive from 1953.</h1> In the Finance Act of 1961, an amendment to section 7 of the Income-tax Act is made. The amendment involves the proviso to Explanation 2, where it adds the phrase 'or any payment of retiring gratuity received after the 1st day of June, 1953, under the New Pension Code applicable to the members of the Defence Services.' This addition is retroactively applied, meaning it is considered to have always been part of the legislation.
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