9911796707
TMI BlogAmendment of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... the partnership deed bears to such profits;"; (b) for clauses (4) and (4A), the following clause shall be substituted, namely :- "(4) (i) in the case of a non-resident, any income by way of interest on such securities or bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf, including income by way of premium on the redemption of such bonds; (ii) in the case of an individual, who is a person resident outside India as defined in clause (q) of section 2 of the Foreign 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... individual; and (ii) the parents, brothers and sisters of the individual or any of them, wholly or mainly dependent on the individual.'; (d) in clause (10),- (i) in sub-clause (iii), for the words "calculated on the basis of the average salary for the three years immediately preceding the year in which the gratuity is paid, subject to a maximum of thirty-six thousand rupees or twenty months' salary so calculated, whichever is 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 1st day of July, 1986; (v) in the Explanation, the brackets and figure "(i)", and clause (ii) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 1986. (g) in clause (10B), in the first proviso, for clause (ii), the following clause shall be substituted, namely :- "(ii) such amount, not being less than 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, necessar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by the Central Government in this behalf; or (ii) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;"; (k) clauses (21) and (23) shall be omitted; (l) in clause (23C),- (i) in sub-clause (iii), the word "or" occurring at the end shall be omitted; (ii) sub-clauses (iv) and (v) and the proviso shall be omitted; (m) after clause (23C), 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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