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of <h1>Amendment to Income-tax Act's Section 10: New Exemptions for Pension Funds, Keyman Insurance, and Infrastructure Income</h1> The Finance (No. 2) Act, 1996 amends section 10 of the Income-tax Act, introducing several changes effective from April 1, 1997. It adds a sub-clause to exempt payments from pension funds under clause (23AAB) and includes income from Keyman insurance policies. The amendment redefines certain income exemptions, such as those related to ship and rail operations, pension schemes by the Life Insurance Corporation, and the SAARC Fund for Regional Projects. It also exempts income from infrastructure capital funds or companies involved in infrastructure development and modifies the tax treatment of income from registered trade unions and their associations.
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