Tax exemption for specified interest and mutual fund income hinges on government notified instruments and distribution conditions. Amendments to section 10 reframe exempt income categories by empowering the Central Government to notify eligible securities, bonds, allowances and limits; exempt interest on government-specified securities for non-residents and on Non-Resident (External) Accounts for certain individuals; introduce an exemption for income of specified Mutual Funds provided most income is distributed to unit holders; and revise employee-related exemptions including travel concession and gratuity by replacing fixed ceilings with government-notified limits and removing several provisos.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for specified interest and mutual fund income hinges on government notified instruments and distribution conditions.
Amendments to section 10 reframe exempt income categories by empowering the Central Government to notify eligible securities, bonds, allowances and limits; exempt interest on government-specified securities for non-residents and on Non-Resident (External) Accounts for certain individuals; introduce an exemption for income of specified Mutual Funds provided most income is distributed to unit holders; and revise employee-related exemptions including travel concession and gratuity by replacing fixed ceilings with government-notified limits and removing several provisos.
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