TMI Short Notes

Clause - 006 - Amendment of section 10.

1. New exemption - any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement - Budget 2017-18 w.e.f. AY 2018-19

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2. Restriction on exemption u/s 10(38) - transfer of a long term capital asset, being an equity share - No Exemption if STT is not paid - Budget 2017-18 w.e.f. 1.10.2004 (Retrospective)

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3. Exemption from Capital Gains - transfer of land under the Land Pooling Scheme covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 - Budget 2017-18 w.e.f. AY 2015-16 (Retrospective)

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4. Restriction in respect of any amount credited or paid out of income, being voluntary contributions with specific direction that they shall form part of the corpus, to any trust or institution - Such contribution not to be treated as application of income- Budget 2017-18 w.e.f. AY 2018-19

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5. New exemption to the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund - Budget 2017-18 w.e.f. AY 1998-99 (Retrospective)

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6. Exemption on partial withdrawal in amount from National Pension System (NPS) Trust in the hands of employees - to the extent it does not exceed twenty-five per cent- Budget 2017-18 w.e.f. AY 2018-19

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7. Exempted income - Correct definition of the expression "person resident outside India" - clarificatory amendment - Budget 2017-18 w.e.f. 1.4.2013 (Retrospective)

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