Section 10(10A)(i) of the Income-tax act, 1961--Commutation of pension--Extent of exemption--Clarification regarding

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....ard's Instruction No.1191 dated 1st July, 1978, on the above subject. Para. 5 of the said Instructions clarify that in the case of a Government servant absorbed in a public undertaking on or after July 24, 1971, the amount that would qualify for tax exemption under the provisions of section 10(10A)(i) of the Income-tax Act, 1961, would only be the amount representing the commuted value of 1/3rd of....

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.... lumpsum in lieu of the pension. The lumpsum was bifurcated into two component parts under clauses (a) and (b) of rule 37A(i) but the fact that it is bifurcated into two parts neither alters the nature of the payment nor does it cease to be a payment in lieu of pension. Therefore, by virtue of the language of section 10(10A)(i) which speaks of any payment under any similar scheme applicable to the....