Persons exempt from income tax: specified funds and government established bodies receive exclusion subject to prescribed conditions. The schedule lists persons and entities whose total income is exempt from income tax, subject to conditions such as exclusive application of income to authorised objects, investment in prescribed modes, and regulatory or tax authority approval. It covers welfare and employee funds, approved pension schemes, government established authorities and boards, government financed universities and hospitals meeting non profit and financing thresholds, mutual funds and designated credit and guarantee funds, and notified development or infrastructure financing institutions with specified notification and time bound exclusion periods.