Tax Code Excludes Agricultural Income, Family Pensions, Certain Royalties, and More Under Sixth Schedule

The Sixth Schedule of the Direct Taxes Code Bill, 2009, outlines various types of income that are excluded from total taxable income. These include agricultural income, certain sums received by members of Hindu undivided families, income from unincorporated bodies, family pensions for armed forces' operational deaths, specific royalties and fees for foreign companies, and income from European Economic Community investments. It also covers interest from specific deposits and loans, income for Scheduled Tribes in certain regions, and income for Sikkimese individuals. Additional exclusions involve certain remunerations for non-citizens, provident fund payments, specific bonds and dividends, political party income, and compensation related to disasters or environmental agreements.

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