TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... d shall be deemed to have been inserted with effect from the 1st day of April, 2008, namely: "(45) any allowance or perquisite, as may be notified by the Central Government in the Official Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired member of the Union Public Service Commission;"; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation . For the purposes of this clause, "specified income" means the income, of the nature and to the extent arising to a body or authority or Board or Trust or Commission (by whatever name called) referred to in this clause, which the Central Government may, by notification in the Official Gazette, specify in this behalf; (47) any income of an infrastructu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Explanation to clause (34) of the aforesaid section. This amendment will take effect from 1st June, 2011. Under the existing provisions contained in the Income-tax Act, any perquisites or allowances received by an employee is taxable under the head salary unless it is specifically exempted under the Act. Sub-clause (b) seeks to insert a new clause (45) in the said section so as to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (by whatever name called) which is constituted or established by or under a Central, State or Provincial Act or has been constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of general public shall be exempt if it is not engaged in commercial activity and is specified by the Central Government by notification in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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