Section 3 - Amendment of Section 10

Commutation of pension exempted under amended Section 10, with limits tied to gratuity status and valuation rules.

The amendment inserts an exemption for commuted pension in Section 10, exempting commutation under Civil Pensions rules or similar schemes and partially exempting commutation from other employers up to specified commuted-value limits computed by reference to age, health, interest rate and official mortality tables; it also adds bonus on cumulative post office deposits to interest exemptions, exempts income of approved professional associations that apply income to their objects, creates a residence-linked exemption for certain residents of Ladakh for earlier years, and treats amounts paid under tax credit certificate schemes as exempt.