Disaster compensation exemption excludes government-paid disaster compensation from taxable income unless a deduction was claimed. A new exemption (clause (10BC)) excludes from taxable income compensation paid by Central/State/local governments to individuals or heirs for a 'disaster' unless a deduction for the same loss has been claimed. Amendments also redefine scheduled bank references and add exempt interest on certain local authority and State Pooled Finance Entity bonds; broaden statutory exemptions and administrative approval for qualifying funds and institutions; and set tax treatment for commodity-exchange Investor Protection Funds and a refined definition of venture capital undertakings.