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of <h1>Finance Act 1987 Amends Income-tax Act: New Exemptions for Public Sector Retirees, Updates Savings Rules, and More.</h1> Section 10 of the Income-tax Act has been amended by the Finance Act, 1987. A new clause (10C) exempts payments received by public sector employees upon voluntary retirement under approved schemes. In clause (15), updates include replacing references to outdated Post Office Savings rules with those from 1981, effective April 1, 1983. A new item (h) allows public sector companies to issue bonds or debentures under specified conditions. Clause (17) omits certain words and revises sub-clauses to exempt allowances for Parliament members and State Legislature members, effective April 1, 1986.
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