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of <h1>Finance Act 1991 Amends Income-Tax Rules: Race Winnings Taxable, Non-Resident Account Changes, New Exemptions for Consultants.</h1> The Finance (No. 2) Act, 1991, amends Section 10 of the Income-tax Act, introducing several changes effective from October 1, 1991. It includes winnings from races as taxable income, modifies tax exemptions for non-residents on interest from Non-Resident (External) Accounts, and defines tax exemptions for consultants and individuals working under international technical assistance agreements. It also addresses tax exemptions for life insurance policy proceeds, foreign currency deposits in scheduled banks, and contributions to scientific research associations and institutions. Additionally, it amends provisions related to voluntary contributions, specifying conditions for tax exemptions and updating relevant dates.
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