Section 4 - Amendment of section 10 - Finance Act, 1987

4. Amendment of section 10 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 from 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, which the Central Government may, by notification in the Official Gazette, specify in this behalf; .