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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Circular Explains Tax Exemption for Exchange Compensation Allowance u/s 10(7), Removes Previous Usage Requirement.</h1> The circular clarifies the tax exemption criteria for Exchange Compensation Allowance under Section 10(7) of the Income-tax Act, 1961. It states that allowances or perquisites paid by the Government of India to its citizens for services rendered outside India are exempt from income tax, provided they meet four conditions: they must be paid as such, given outside taxable territories, paid by the Government to Indian citizens, and for services rendered outside taxable territories. The previous requirement that the allowance be used wholly and necessarily for official duties has been removed. Pending appeals and assessments should be adjusted accordingly.
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