India - Income Tax Act 2010 - Saarc

1.55 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(10C)Explanation.—For the purposes of this clause, the expression “disaster”shall have the meaning assigned to it under clause (d) of section2 68 of the Disaster Management Act, 2005 (53 of 2005);]69[(10C) 70 any amount received 71 72 [or receivable] by an employee of—(i) a public sector company ; or(ii) any other company ; or(iii) an authority established under a Central, State or Provincial Act ;or(iv) a local 73 [authority ; or]74[(v) a co-operative society ; or(vi) a University established or incorporated by or under a Central,State or Provincial Act and an institution declared to be aUniversity under section 3 of the University Grants CommissionAct, 1956 (3 of 1956) ; or(vii) an Indian Institute of Technology within the meaning of clause(g) of section 3 75 of the Institutes of Technology Act, 1961 (59 of1961) ; or76[(viia) any State Government; or]77[(viib) the Central Government; or]78[(viic) an institution, having importance throughout India or in anyState or States, as the Central Government may, by notificationin the Official Gazette 79 , specify in this behalf; or](viii) such institute of management as the Central Government may,by notification 80 in the Official Gazette, specify in this behalf,]81[on his] 82 [voluntary retirement or termination of his service, inaccordance with any scheme or schemes of voluntary retirement or68. For the definition of term “disaster”, see Appendix.69. Substituted by the Finance Act, 1993, w.e.f. 1-4-1993. Prior to substitution, clause (10C) wasinserted by the Finance Act, 1987, w.e.f. 1-4-1987 and later substituted by the Finance Act,1992, w.e.f. 1-4-1993.70. See also Circular No. 640, dated 26-11-1992 and Circular F. No. 184/7/2003-ITAT, dated4-3-2004. For details, see Taxmann’s Master Guide to Income-tax Act.71. For the meaning of expression “amount received”, see Taxmann’s Direct Taxes Manual,Vol. 3.72. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.73. Substituted for “authority,” by the Finance Act, 1994, w.e.f. 1-4-1995.74. Inserted, ibid.75. Clause (g) of section 3 of the Institutes of Technology Act, 1961, defines “Institute” asfollows :‘(g) “Institute” means any of the Institutions mentioned in section 2 and includes theIndian Institute of Technology, Kharagpur, incorporated under the Indian Instituteof Technology (Kharagpur) Act, 1956 (5 of 1956);’76. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.77. Inserted, ibid., w.e.f. 1-4-2002.78. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002.79. For notified institutions, see Taxmann’s Master Guide to Income-tax Act.80. For notified Institutes of Management, see Taxmann’s Master Guide to Income-tax Act.81. Substituted for “at the time of his” by the Finance Act, 2003, w.e.f. 1-4-2004.82. Substituted for “voluntary retirement, in accordance with any scheme or schemes ofvoluntary retirement, to the extent such amount does not exceed five lakh rupees” by theFinance Act, 2000, w.e.f. 1-4-2001.