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of <h1>Finance Act 1964: New Tax Exemptions for Nonresident Income, Professors, and Farming; Changes to Loan Interest Terms</h1> The Finance Act, 1964, amends section 10 of the Income-tax Act by inserting provisions regarding nonresident income from specified securities and altering approval timelines for service commencement by the Central Government. It introduces tax exemptions for salaries of professors and teachers newly arrived in India for up to 36 months, with conditions regarding residency and service approval. It also includes exemptions for research work funded by foreign entities and modifies interest calculation terms on loans. Additionally, it exempts income from livestock breeding, poultry, or dairy farming for specific assessment years starting April 1, 1965, 1966, or 1967.
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