Exemptions under section 10 expand waiver for employed specialists and tax exempt government awards and approved foreign loan interest. Amendments add a Central Government power to waive an employment related condition for individuals engaged in designing, erection or commissioning of machinery; extend tax exemption for interest paid by specified development finance institutions and other financial institutions or banks on moneys borrowed from abroad to the extent of rates approved by the Central Government when used for lending to industry for overseas purchases or necessary imports; and create exemptions for government instituted or government approved awards and rewards for literary, scientific, artistic achievements and sports, subject to Central Government approval and specified assessment year effect.
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Provisions expressly mentioned in the judgment/order text.
Exemptions under section 10 expand waiver for employed specialists and tax exempt government awards and approved foreign loan interest.
Amendments add a Central Government power to waive an employment related condition for individuals engaged in designing, erection or commissioning of machinery; extend tax exemption for interest paid by specified development finance institutions and other financial institutions or banks on moneys borrowed from abroad to the extent of rates approved by the Central Government when used for lending to industry for overseas purchases or necessary imports; and create exemptions for government instituted or government approved awards and rewards for literary, scientific, artistic achievements and sports, subject to Central Government approval and specified assessment year effect.
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