INCOME TAX

Circular Number:
NIL

File Number:
275/192/2002-IT(B)-Vol. I

Dated 28/01/2003

Reference : Circular No. 13/2002 (File No. 275/192/2002-ITB), dated 23rd December, 2002—Deduction of tax at source.

The last sentence of sub-para (4) of para 5.2 at page 17 of the aforesaid circular reads as follows :
"This exemption will be further limited to the maximum amount specified by the Government of India Notification No. S. O. 1015(E), dated 27th November, 1997, at Rs. 2,40,000."
This sentence may now be read as :
"This exemption will be further limited to the maximum amount specified by the Government of India Notification No. S. O. 588(E), dated 31st May, 2002, at Rs. 3,00,000 in relation to such employees who retire, whether on superannuation or otherwise, after the 1st day of April, 1998."

(Sd.) R. K. Virmani,
Desk Officer (Budget).
Tel/Fax 23093975

[F. No. 275/192/2002-IT(B)-Vol. II]