Tax exemption amendments: partner share recognition, residency criterion tightened, treaty and VRS exemptions clarified. Amendments to section 10 redefine exempt categories: a partner's share in a separately assessed firm's total income is exempt per the partnership deed; exemptions for race winnings are re-benchmarked; residency criteria for an individual's exemption are simplified to non-residence in the four preceding years; treaty-tax payment qualification requires industrial policy conformity or Central Government approval; payments under the Bhopal claims statute are exempt except where deduction was claimed; voluntary retirement receipts are exempt subject to prescribed guidelines and approvals; various corpus and investment exceptions for funds are clarified; cooperative societies for Scheduled Castes/Tribes receive a targeted exemption; and minor children's includible income is exempt up to a specified small threshold.
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Amendments to section 10 redefine exempt categories: a partner's share in a separately assessed firm's total income is exempt per the partnership deed; exemptions for race winnings are re-benchmarked; residency criteria for an individual's exemption are simplified to non-residence in the four preceding years; treaty-tax payment qualification requires industrial policy conformity or Central Government approval; payments under the Bhopal claims statute are exempt except where deduction was claimed; voluntary retirement receipts are exempt subject to prescribed guidelines and approvals; various corpus and investment exceptions for funds are clarified; cooperative societies for Scheduled Castes/Tribes receive a targeted exemption; and minor children's includible income is exempt up to a specified small threshold.
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