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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Govt exempts income from interest on bank deposits for Secretariat of Indian Ocean MoU under IT Act Section 10(42).</h1> The Central Government has issued a notification under section 10(42) of the Income-tax Act, 1961, designating the Secretariat of Indian Ocean Memorandum of Understanding on Port State Control, Goa, as a notified body. This notification exempts any income arising from interest on deposits with banks, applicable under the Banking Regulation Act, 1949, from being included in the total income for tax purposes. This exemption is effective retrospectively from the assessment year 2006-07 and onwards. The notification ensures no assessee is adversely affected by this retrospective application.
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