Persons not liable to income-tax: Seventh Schedule entities exempted from tax liability under section 3 of the Code. Clause 10 provides that persons specified in the Seventh Schedule shall not be liable to income-tax under section 3 of the Direct Taxes Code Bill, 2009, ... Summary
Persons not liable to income-tax: Seventh Schedule entities exempted from tax liability under section 3 of the Code.
Clause 10 provides that persons specified in the Seventh Schedule shall not be liable to income-tax under section 3 of the Direct Taxes Code Bill, 2009, creating an express exemption mechanism by reference to the Schedule as the basis for non-liability.
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