Tax treatment of visiting academics: salary and research income exempt for limited periods subject to approval conditions. Amendments to section 10 add exemptions and time limited tax treatments: interest on government specified securities for nonresidents; extended Central Government approval timing for service contracts; a thirty six month (plus up to twenty four additional months if employer pays tax) special regime for salaries of arriving professors or teachers subject to nonresidence and contract approval conditions; a twenty four month special regime for research sums paid by foreign governments or foreign institutions where the research scheme is government approved; a cap on deductible interest tied to a Central Government approved rate; and assessability of income from livestock, poultry and dairy farming for specified assessment years.
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Provisions expressly mentioned in the judgment/order text.
Tax treatment of visiting academics: salary and research income exempt for limited periods subject to approval conditions.
Amendments to section 10 add exemptions and time limited tax treatments: interest on government specified securities for nonresidents; extended Central Government approval timing for service contracts; a thirty six month (plus up to twenty four additional months if employer pays tax) special regime for salaries of arriving professors or teachers subject to nonresidence and contract approval conditions; a twenty four month special regime for research sums paid by foreign governments or foreign institutions where the research scheme is government approved; a cap on deductible interest tied to a Central Government approved rate; and assessability of income from livestock, poultry and dairy farming for specified assessment years.
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