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of <h1>Amendments to Income-tax Act: Exemptions for Non-Resident Accounts, European Investment Bank, and Armed Forces Family Pensions under Section 10.</h1> The Finance (No. 2) Act, 2004 amends section 10 of the Income-tax Act, introducing changes effective from April 1, 2005, and April 1, 2006. Key amendments include exemptions for interest on Non-Resident (External) Accounts and agreements approved by the Central Government. It also exempts interest payable to the European Investment Bank and family pensions for armed forces' families under specific conditions. New clauses address income from agricultural land transfers and long-term capital assets, such as equity shares, subject to securities transaction tax. Changes redefine 'venture capital undertaking' and adjust income calculations for infrastructure capital companies.
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