Section(s) Referred: 10 ,10(10) ,10(10)3
Statute: INCOME TAX
Date of Issue: 18/9/1987
In exercise of the powers conferred by the third proviso to clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regarding to the maximum amount which is for the time being exempt under sub-clause (i) of the said clause and in supersession of the order issued by the Notification No. GSR 537(E) dated 1st July, 1985, increases the limit of fifty thousand rupees to one lakh rupees for all the three purposes mentioned in the provisions of that clause in relation to the employees who retire or become incapacitated or die on or after 1st January, 1986, or whose employment is terminated on or after the said date.
[No. 7534/F. No. 178/131/87-IT(A1)]