Income tax exemptions for life insurance, provident funds, pensions and specified government-backed receipts under Schedule II conditions. Schedule II lists categories of income not to be included in total income, subject to stated conditions. It covers agricultural income; qualifying life ... Summary
Income tax exemptions for life insurance, provident funds, pensions and specified government-backed receipts under Schedule II conditions.
Schedule II lists categories of income not to be included in total income, subject to stated conditions. It covers agricultural income; qualifying life insurance receipts with premium-to-sum-assured and aggregate premium thresholds; specified provident fund, recognised provident fund, Sukanya Samriddhi, National Pension System Trust, Agniveer Corpus Fund, superannuation fund, scholarship, award or reward, and certain Government security-related receipts; transfer of specified units; and certain Unified Pension Scheme payments. The Schedule also supplies definitions for key expressions and permits binding guidelines for removal of difficulties.
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