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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 10 of Income-tax Act: New Tax Exemptions for Khadi, Villages, and Specialized Fields Effective 1979-1980.</h1> The amendment to Section 10 of the Income-tax Act involves changes effective from June 1, 1979, and April 1, 1980. Clause (6) is modified to include a new sub-clause allowing the Central Government to specify fields requiring specialized knowledge. Clause (15) introduces a proviso capping tax-exempt interest on certain deposits at 2,250 rupees. New clauses (23BB) and (23BBA) exempt income from certain authorities involved in khadi, village industries, and religious or charitable trusts from taxation, with specific definitions and conditions outlined. These changes aim to address specialized needs and promote development in specified sectors.
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