(1)If the Central Government is satisfied that it is necessary or expedient so to do in the public interest, it 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 persons specified in sub-section (2) ] [Inserted by Act 22 of 2007, Section 78 (w.r.e.f. 1.10.1975).][or in regard to the whole or any part of the income of such class of persons or in regard to the status in which such class of persons or the members thereof are to be assessed on their income from the business referred to in clause (a) of sub-section (2):Provided that the notification for modification in respect of the status may be given effect from an assessment year beginning on or after the 1st day of April, 1993.] [ Inserted by Act 22 of 1995, Section 49 (w.r.e.f. 1.4.1993).]
