Income Tax Bill, 2025: Key Income Types Excluded from Taxable Income, Including Pensions, Allowances, and Disaster Compensation.

The Income Tax Bill, 2025, outlines various types of income that are excluded from the total taxable income of eligible persons. These exclusions include sums received by members of Hindu undivided families, partners' share in firm income, compensation from the government for disasters, certain pension system payments, allowances for members of Parliament, travel concessions, and perquisites paid outside India. Other exclusions cover income from specific activities like agricultural land transfers, khadi production, and contributions to investor protection funds. Conditions and eligibility criteria for these exclusions are detailed in the accompanying notes and tables.