Income-tax exemption for specified funds, public institutions, and statutory bodies subject to conditions, approvals, and prescribed limits.

Persons and bodies specified in the Schedule are exempt from income-tax on total income for the relevant tax year, subject to the particular conditions attached to each category. The exemptions cover welfare and public-purpose funds, statutory boards, public religious and charitable administration bodies, specified government relief funds, and certain public institutions engaged in education, healthcare, or philanthropic activity. The Schedule also extends exemption to mutual funds, provident and superannuation funds, benefit funds, agricultural and export boards, and entities established for Scheduled Castes, Scheduled Tribes, backward classes, minority communities, and ex-servicemen. Further exemptions apply to specified infrastructure, development, and credit-guarantee institutions, as well as the New Development Bank, subject to prescribed information requirements.

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