Section 6 - Amendment of section 10 - Finance Act, 1964

6. Amendment of section 10 In section 10 of the Income-tax Act,- (i) in clause (4), after the words in the case of a nonresident, , the following words shall be inserted, namely:- any income from interest on such securities as the Central Government may, by notification in the Official Gazette, specify in this behalf, or ; (ii) in clause (6),- (a) in sub-clause (vii)(a), for the words was approved by the Central Government before the commencement of his service , the words is approved by the Central Government before the commencement of his service or within one year of such commencement shall be substituted; (b) after sub-clause (viii), the following sub-clauses shall be inserted, namely:- '(ix) any income chargeable under the head Salaries received by or due to him during the thirty-six months commencing from the date of his arrival in India for service rendered as a professor or other teacher in a University or other educational institution, and where any such individual continues to remain in employment in India after the expiry of the thirty-six months aforesaid and the tax on his income chargeable under the head Salaries is paid by the University or other educational institution concerned to the Central Government, the tax so paid for a period not exceeding twenty-four months following the expiry of the thirty-six months aforesaid, provided in either case the following conditions are fulfilled, namely:- (i) such individual was not resident in any of the four financial years immediately preceding the financial year in which he arrived in India; and (ii) his contract of service is approved by the Central Government- (a) on or before the 1st day of October, 1964, in the case of a professor or other teacher whose service commenced before the 1st day of April, 1964; (b) before the commencement of his service or within one year of such commencement, in any other case; (x) any sum due to or received by him, during the twenty-four months commencing from the date of his arrival in India, for undertaking any research work in India, provided the following conditions are fulfilled, namely:- (a) the research work is undertaken in connection with a research scheme approved in this behalf by the Central Government on or before the 1st day of October of the relevant assessment year; and (b) such sum is payable or paid directly or indirectly by the Government of a foreign State or any institution or association or other body established outside India;'; (iii) in sub-clause (iv) (c) of clause (15), for the words beginning with in any case and ending with its repayment , the following shall be substituted, namely:- to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan or debt and its repayment ; (iv) after clause (26), the following clause shall be inserted, namely:- (27) any income derived from a business of livestock breeding, or poultry or dairy farming, which is assessable for the assessment year commencing on the 1st day of April, 1965, 1966 or 1967. .