Tax exemption amendment: ex gratia payments and palace annual value treatment clarified, with government rescission power preserved. The Income-tax Act is amended to treat ex gratia payments made by the Central Government consequent on abolition of privy purses as specified income, to deem the annual value of one palace occupied by a Ruler (previously exempt under certain taxation concession orders) to be chargeable while preserving a transitional exemption for the relevant assessment year, and to empower the Central Government to rescind or amend notifications granting exemptions or rate modifications under section 297(2).
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Tax exemption amendment: ex gratia payments and palace annual value treatment clarified, with government rescission power preserved.
The Income-tax Act is amended to treat ex gratia payments made by the Central Government consequent on abolition of privy purses as specified income, to deem the annual value of one palace occupied by a Ruler (previously exempt under certain taxation concession orders) to be chargeable while preserving a transitional exemption for the relevant assessment year, and to empower the Central Government to rescind or amend notifications granting exemptions or rate modifications under section 297(2).
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