Income Tax Act, 1961
Section 11: Subs. by Act 4 of 1988, s. 6, for clause (14) (w.e.f. 11989).
11. Subs. by Act 4 of 1988, s. 6, for clause (14) (w.e.f. 11989).
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exclusively incurred in the performance of the duties of an office or employment of profit, 1[as may
be prescribed], to the extent to which such expenses are actually incurred for that purpose;
(ii) any such allowance granted to the assessee either to meet his personal expenses at the place
where the duties of his office or employment of profit are ordinarily performed by him or at the place
where he ordinarily resides, or to compensate him for the increased cost of living, 2[as may be
prescribed and to the extent as may be prescribed]:]
3[Provided that nothing in sub-clause (ii) shall apply to any allowance in the nature of personal
allowance granted to the assessee to remunerate or compensate him for performing duties of a special
nature relating to his office or employment unless such allowance is related to the place of his posting
or residence;]
4* * * * *
(15) 5[(i) income by way of interest, premium on redemption or other payment on such securities,
bonds, annuity certificates, savings certificates, other certificates issued by the Central Government
and deposits as the Central Government may, by notification in the Official Gazette, specify in this
behalf, subject to such conditions and limits as may be specified in the said notification;
6[(iib) 7[in the case of an individual or a Hindu undivided family,] interest on such Capital
Investment Bonds as the Central Government may, by notification in the Official Gazette, specify in
this behalf:]
8[Provided that the Central Government shall not specify, for the purposes of this sub-clause, such
Capital Investment Bonds on or after the 1st day of June, 2002;]
9[(iic) in the case of an individual or a Hindu undivided family, interest on such Relief Bonds as
the Central Government may, by notification in the Official Gazette, specify in this behalf;]
10[(iid) interest on such bonds, as the Central Government may, by notification in the Official
Gazette, specify, arising to—
(a) a non-resident Indian, being an individual owning the bonds; or
(b) any individual owning the bonds by virtue of being a nominee or survivor of the nonresident Indian; or
(c) any individual to whom the bonds have been gifted by the non-resident Indian:
Provided that the aforesaid bonds are purchased by a non-resident Indian in foreign exchange and
the interest and principal received in respect of such bonds, whether on their maturity or otherwise, is
not allowable to be taken out of India:
Provided further that where an individual, who is a non-resident Indian in any previous year in
which the bonds are acquired, becomes a resident in India in any subsequent year, the provisions of
this sub-clause shall continue to apply in relation to such individual:
1. Subs. by Act 22 of 1995, s. 4, for “as the Central Government may, by notification in the Official Gazette, specify” (w.e.f.
11995).
2. Subs. by s. 4, ibid., for “as the Central Government may, by notification in the Official Gazette, specify, to the extent
specified in the notification” (w.e.f. 11995).
(w.e.f. 11989).
77
exclusively incurred in the performance of the duties of an office or employment of profit, 1[as may
be prescribed], to the extent to which such expenses are actually incurred for that purpose;
any such allowance granted to the assessee either to meet his personal expenses at the place
where the duties of his office or employment of profit are ordinarily performed by him or at the place
where he ordinarily resides, or to compensate him for the increased cost of living, 2[as may be
prescribed and to the extent as may be prescribed]:]
3[Provided that nothing in sub-clause
shall apply to any allowance in the nature of personal
allowance granted to the assessee to remunerate or compensate him for performing duties of a special
nature relating to his office or employment unless such allowance is related to the place of his posting
or residence;]
4* * * * *
5[
income by way of interest, premium on redemption or other payment on such securities,
bonds, annuity certificates, savings certificates, other certificates issued by the Central Government
and deposits as the Central Government may, by notification in the Official Gazette, specify in this
behalf, subject to such conditions and limits as may be specified in the said notification;
6[
7[in the case of an individual or a Hindu undivided family,] interest on such Capital
Investment Bonds as the Central Government may, by notification in the Official Gazette, specify in
this behalf:]
8[Provided that the Central Government shall not specify, for the purposes of this sub-clause, such
Capital Investment Bonds on or after the 1st day of June, 2002;]
9[
in the case of an individual or a Hindu undivided family, interest on such Relief Bonds as
the Central Government may, by notification in the Official Gazette, specify in this behalf;]
10[
interest on such bonds, as the Central Government may, by notification in the Official
Gazette, specify, arising to—
a non-resident Indian, being an individual owning the bonds; or
any individual owning the bonds by virtue of being a nominee or survivor of the nonresident Indian; or
any individual to whom the bonds have been gifted by the non-resident Indian:
Provided that the aforesaid bonds are purchased by a non-resident Indian in foreign exchange and
the interest and principal received in respect of such bonds, whether on their maturity or otherwise, is
not allowable to be taken out of India:
Provided further that where an individual, who is a non-resident Indian in any previous year in
which the bonds are acquired, becomes a resident in India in any subsequent year, the provisions of
this sub-clause shall continue to apply in relation to such individual:
1. Subs. by Act 22 of 1995, s. 4, for “as the Central Government may, by notification in the Official Gazette, specify” (w.e.f.
11995).
2. Subs. by s. 4, ibid., for “as the Central Government may, by notification in the Official Gazette, specify, to the extent
specified in the notification” (w.e.f. 11995).