TaxTMI 
TaxTMI 
Amendment of section 10
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....ign Exchange Regulation Act, 1973 (46 of 1973), any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the said Act and the rules made thereunder;"; (c) for clause (5), the following clause shall be substituted, namely :- '(5) subject to such conditions as the Central Government may prescribe (including conditions as to number of journeys and the amount which shall be exempt per head) in the case of an individual, the value of any travel concession or assistance received by or due to him, - (a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India; (b) from his ....
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....s less", the words "calculated on the basis of the average salary for the ten months immediately preceding the month in which any such event occurs, subject to such limit as the Central Government may, by notification in the Official Gazette, specify in this behalf having regard to the limit applicable in this behalf to the employees of that Government" shall be substituted; (ii) in the first and second provisos, for the words "shall not exceed thirty-six thousand rupees", the words "shall not exceed the limit so specified" shall be substituted; (iii) the third and fourth provisos shall be omitted; (iv) in the Explanation, for the words "In this clause", the words, brackets, figures and letters "In this clause, an....
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....fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf,"; (h) for clause (14), the following clause shall be substituted, namely :- " (14) (i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, as the Central Government may, by notification in the Official Gazette, specify, to the extent to which such expenses are actually incurred for that purpose; (ii) any such allowance granted to the assessee either to meet his personal ex....
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....), the following clause shall be inserted with effect from the 1st day of April, 1988, namely :- '(23D) any income from such Mutual Fund set up by a public sector bank or a public financial institution and subject to such conditions, including the condition that at least ninety per cent. of the income from the Mutual Fund shall be distributed to the unit holders every year, as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation .- For the purposes of this clause, - (a) the expression "public sector bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Sub....