Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
Highlights
D. Forum
What's New
Sub-Menu

Share:      

        Home        
 
TMI Short Notes
Home TMI Short Notes Bill All Notes for this Source This
← Previous Next →

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)

  • Contents
  • Plus+

Dated: 2-2-2017

Clause - 006 - Amendment of section 10.

THE FINANCE BILL, 2017

Certain incomes not included in total income u/s 10

The existing provisions contained in the said section provide that in computing the total income of a previous year of any person, certain categories of income shall not be included in total income.

The provisions contained in clause (23C) of the said section, provide exemption in respect of income of certain funds which, inter alia, include, the Prime Minister's National Relief Fund. However, the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G, are not exempt under the said clause (23C).

It is further proposed to insert a new sub-clause (iiiaaaa) in clause (23C) so as to provide the benefit of exemption also to the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund.

This amendment will take effect retrospectively from 1st April, 1998, the date on which sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G relating to deduction in any sum paid to the Chief Minister's and Lieutenant Governor's Relief Fund came into force, and will, accordingly, apply in relation to assessment year 1998-1999 and subsequent years.

 

 

 
 
 
← Previous Next →
 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||