Power to exempt from income tax, stamp duty and registration fees

Power to exempt from income tax, stamp duty and registration fees. –

1. (1) The Central Government, by notification in the official Gazette, may in the Case of any registered society or class of registered societies, remit the income- tax payable in respect of the profits of the society, or of the dividends or other payment received by the member of the society on account of profits.
2. (2) The Collecting Government may be notification remit, in the case of any registered society or class of registered societies-
   • (a) the stamp duty with which under any law for the time being in force, instruments executed by or on behalf of a registered society or by an officer or member thereof and relation to the business of such society or any class of such instruments or decisions, awards or orders of the Registrar or of any arbitrator under this Act, are respectively chargeable, and
   • (b) any fee payable under the law of registration for the time being in force.