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of <h1>Amendment to Income-tax Act Section 10: Gratuity and Charitable Trust Exemptions Modified with New Limits and Conditions.</h1> The amendment to Section 10 of the Income-tax Act, as per the Finance Act, 1974, modifies the tax exemptions related to gratuities and income from certain institutions. Clause (10) now includes gratuities received under the Central Civil Services (Pension) Rules, 1972, and similar schemes for civil and defense services, with specific limits on the exempt amount. Clause (23B) exempts income from public charitable trusts or societies focused on khadi or village industries, provided they are approved by the Khadi and Village Industries Commission and meet certain conditions, with a maximum approval period of three assessment years.
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