Finance Act 1965: New Tax Exemptions for Non-Residents and Superannuation Payments; Tax Credit Adjustments Now Exempt.
The Finance Act, 1965, amends Section 10 of the Income Tax Act by introducing new clauses and modifying existing ones. Clause (4A) exempts non-residents from tax on interest earned in non-resident accounts in Indian banks under the Foreign Exchange Regulation Act. It modifies sub-clause (vii)(a) of clause (6) to require Central Government approval before October 1 of the relevant assessment year and extends the period from twenty-four to sixty months. Clause (13) redefines tax exemptions for payments from approved superannuation funds. A new clause (28) exempts amounts adjusted or paid under a tax credit certificate from taxation.
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