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of <h1>New Section 24A Exempts Khadi Commission from Income Tax Retroactively from 1962 under Finance Act 1977</h1> The Finance (No. 2) Act, 1977, amends the Khadi and Village Industries Commission Act, 1956, by inserting Section 24A before Section 25 in Chapter V. This new section, effective retroactively from April 1, 1962, exempts the Commission from the obligation to pay income tax on its income, profits, or gains, overriding any provisions in the Income-tax Act, 1961.
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