Indian Income-Tax Act, 1922

60. Power to make exemption, etc.—[(1)] The [Central Government] may, by notification in the [Official Gazette], make an exemption, reduction in rate or other modification, in respect of income-tax in favour of any class of income, or in regard to the whole or any part of the income of any class of persons.

[(2) Where, by reason of any portion of an assessee's salary being paid in arrears or in advance, [or by reason of his having received in any one financial year salary for more than twelve months] [or a payment which is under the provisions of sub-section (1) of section 7 a profit in lieu of salary], his income is assessed at a rate higher than that at which it would otherwise have been assessed, the [Central Government] may grant [the appropriate relief].]

[(3) After the commencement of the Indian Income-tax (Amendment) Act, 1939 (VII of 1939), the power conferred by sub-section (1) shall not be exercisable except for the purpose of rescinding an exemption, reduction or modification already made.]

 

 

 

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