Amendment of section 10

Section 4 of the Finance Act, 1987 deals with amendment of section 10. Amendment of section 10 4. In section 10 of the Income-tax Act.--- (a) after clause (10B), the following clause shall be inserted, namely:--- "(10c) any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the Central

Amendment of section 10

4. In section 10 of the Income-tax Act.---

(a) after clause (10B), the following clause shall be inserted, namely:---

"(10c) any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the Central Government may, having regard to the economic viability of such company and other relevant circumstances, approve in this behalf;";

(b) in clause (15),—

(i) in sub-clause (ii),—

(A) in the opening paragraph, for the words, brackets and figures "the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959", the words and figures "the Post Office Cumulative Time Deposit Rules, 1981" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1983;

(B) in the proviso, for the words, brackets and figures "in item (3) in the Table below rule 3 of the Post Office Savings Banks Rules, 1965", the words and figures "in item 6 in the Table below rule 4 of the Post Office Savings Account Rules, 1981" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1983;

(ii) in sub-clause (iv), after item (g) and the Explanation thereto, the following item shall be inserted, namely: —

" (h) by any public sector company in respect of such bonds or debentures and subject to such conditions, including the condition that the holder of such bonds or debentures registers his name and the holding with that company, as the Central Government may, by notification in the Official Gazette, specify in this behalf;";

(c) in clause (17),—

(i) in sub-clause (i), the word "and" shall be omitted and shall be deemed to have been omitted with effect the 1st day of April, 1986;

(ii) for sub-clause. (ii), the following sub-clauses shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1986, namely:—

"(ii) any allowance received by any, person by reason of his membership of Parliament under the Members of Parliament (Constituency Allowance) Rules, 1986;

(iii) all other allowances not exceeding six hundred rupees per month in the aggregate received by any person by reason of his membership of any State Legislature or of any Committee thereof Central Government may, by notification in the Official Gazette, specify in this behalf;".

[Finance Act, 1987]

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Section 4, The Finance Act, 1987 (Act 11 of 1987).