AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Incomes not included in total income [Clause (11) to Clause (17)]
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....nment and notified by it in this behalf in the Official Gazette]; ^83[Provided that the provisions of this clause shall not apply to the income by way of interest accrued during the previous year in the account of a person to the extent it relates to the amount or the aggregate of amounts of contribution made by that person exceeding two lakh and fifty thousand rupees in any previous year in that fund, on or after the 1st day of April, 2021 and computed in such manner as may be prescribed: Provided further that if the contribution by such person is in a fund in which there is no contribution by the employer of such person, the provisions of the first proviso shall have the effect as if for the words "two lakh and fifty thousand rupees", the words "five lakh rupees" had been substituted;] ^74[(11A) any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Banks Act, 1873 (5 of 1873);] (12) the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, to the extent provided in rule 8 of Part A of the Fourth Schedule ; ^84[Provided that the provisions....
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.... an assessee, being the parent or guardian of a minor, under the pension scheme referred to in section 80CCD, on partial withdrawal made out of the account of the minor, as per the terms and conditions, specified under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013)and the regulations made thereunder, to the extent it does not exceed twenty-five per cent. of the amount of contributions made by him;] ^85[(12C) any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme, or to his nominee. Explanation.-For the purposes of this clause "Agniveer Corpus Fund" and "Agnipath Scheme" shall have the meanings respectively assigned to them in section 80CCH;] ^2[(13) any payment from an approved superannuation fund made- (i) on the death of a beneficiary; or (ii) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement; or (iii) by way of refund of contributions on the death of a beneficiary; or (iv) by way of refund of contributions to an employee on his leaving the service in connection ....
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....edemption or other payment on such securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits as the Central Government may, by notification in the Official Gazette, specify in this behalf, subject to such conditions and limits as may be specified in the said notification ;] ^12[(iib) ^13[in the case of an individual or a Hindu undivided family,] interest on such Capital Investment Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf :] ^14[Provided that the Central Government shall not specify, for the purposes of this sub-clause, such Capital Investment Bonds on or after the 1st day of June, 2002;] ^15[(iic) in the case of an individual or a Hindu undivided family, interest on such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf ;] ^16[(iid) interest on such bonds, as the Central Government may, by notification in the Official Gazette, specify, arising to- (a) a non-resident Indian, being an individual owning the bonds ; or (b) any individual owning the bonds by virtue of bein....
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....ration entered into on the 25th day of November, 1993 by the Central Government with that Bank;] (iv) interest payable- ^22[(a) by Government or a local authority on moneys borrowed by it before the 1st day of June, 2001 from, or debts owed by it before the 1st day of June, 2001 to, sources outside India;] (b) by an industrial undertaking in India on moneys borrowed by it under ^23[a loan agreement entered into before the 1st day of June, 2001 with any such financial institution] in a foreign country as may be approved in this behalf by the Central Government by general or special order ; (c) by an industrial undertaking in India on any moneys borrowed or debt incurred by it ^24[before the 1st day of June, 2001] in a foreign country in respect of the purchase outside India of raw materials ^25[or components] or capital plant and machinery, ^26[to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan or debt and its repayment.] ^27[^28[Explanation 1.]-For the purposes of this item, "purchase of capital plant and ma....
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....t of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan and its repayment;] ^37[(f) by an industrial undertaking in India on any moneys borrowed by it in foreign currency from sources outside India under a loan agreement approved by the Central Government ^38[before the 1st day of June, 2001] having regard to the need for industrial development in India, to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan and its repayment; ^39[(fa) by a scheduled bank ^40[***] ^41[to a non-resident or to a person who is not ordinarily resident within the meaning of sub-section (6) of section 6] on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the Reserve Bank of India. ^42[Explanation.-For the purposes of this item, the expression "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act,....
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....; or] (b) the business of generation or distribution of electricity or any other form of power; or ^54[(ba) the business of providing telecommunication services; or] (c) mining; or (d) the construction of ships; or ^55[(da) the business of ship-breaking; or] ^56[(e) the operation of ships or aircrafts or construction or operation of rail systems.]] ^57[Explanation 1A.-For the purposes of this sub-clause, the expression "interest" shall not include interest paid on delayed payment of loan or on default if it is in excess of two per cent per annum over the rate of interest payable in terms of such loan.] ^58[Explanation 2.-For the purposes of this clause, the expression "interest" includes hedging transaction charges on account of currency fluctuation;] ^59[(v) interest on- (a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve Bank's SGL Account No. SL/DH 048; (b) deposits for the benefit of the victims of the Bhopal gas leak disaster held in such account, with the Reserve Bank of India or with a public sector bank, as the Central Government may, by not....
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....ent in this behalf : ^66[Provided that nothing contained in this clause shall apply to any such agreement entered into on or after the ^67[1st day of April, ^68[2007]].] Explanation.-For the purposes of this clause, the expression "foreign enterprise" means a person who is a non-resident;] ^86[(15B) any income of a foreign company from lease rentals, by whatever name called, of cruise ships, received from a specified company which operates such ship or ships in India, where such foreign company and the specified company are subsidiaries of the same holding company, and such income is received or accrues or arises in India for any relevant assessment year beginning on or before the 1st day of April, 2030. Explanation.--For the purposes of this clause,- (a) "specified company" means any company, other than a domestic company which operates cruise ships in India and opts to pay tax in accordance with the provisions of section 44BBC; (b) "holding company", in relation to a foreign company or a specified company, means a company of which such companies are subsidiary companies; (c) "subsidiary company" or "subsidiary", in relation to a holding comp....
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.... Substituted vide Section 4 of the Finance Act, 1995 w.e.f. 01-07-1995 before it was read as, "as the Central Government may, by notification in the Official Gazette, specify" 8. Substituted vide Section 4 of the Finance Act, 1995 w.e.f. 01-07-1995 before it was read as, "as the Central Government may, by notification in the Official Gazette, specify, to the extent specified in the notification" 9. Inserted vide Section 4 of the Direct Tax Laws (Second Amendment) Act, 1989 w.e.f. 01-04-1989 10. Omitted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, "(14A) any income received by a public financial institution as exchange risk premium from any person borrowing foreign currency from such institution, provided the amount of such premium is credited by such institution to a fund specified under clause (23E). Explanation.-For the purposes of this clause,- (i) the expression "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956) ; (ii) the expression "exchange risk premium" means a premium ....
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....ount which is permitted to be deposited therein;" Earlier, Amended vide Section 3 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1965 w.e.f. 04-12-1965 And was Amended vide Section 3 of the Finance (No. 2) Act, 1965 w.e.f. 11-09-1965 And was Amended vide Schedule 3 of the Finance Act, 1968 w.e.f. 01-04-1969 And was Amended vide Section 3 of the Finance Act, 1979 w.e.f. 01-04-1980 And was Amended vide Section 5 of the Special Bearer Bonds (Immunities & Exemptions) Act, 1981 w.e.f. 12-01-1981 And was Amended vide Section 4 of the Finance Act, 1987 w.e.f. 01-04-1983 12. Inserted vide Section 4 of the Finance Act, 1982 w.e.f. 01-04-1983 13. Inserted vide Section 5 of the Finance Act, 1983 w.e.f. 01-04-1983 14. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 15. Inserted vide Section 4 of the Finance Act, 1988 w.e.f. 01-04-1989 16. Inserted vide Section 4 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 17. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 01....
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....ect Taxes (Amendment) Act, 1974 w.e.f. 01-04-1973 36. Inserted Section 5 of the Finance Act, 2001 w.e.f. 01-04-2002 37. Inserted vide Section 5 of the Finance Act, 1976 w.e.f. 01-06-1976 38. Inserted Section 5 of the Finance Act, 2001 w.e.f. 01-04-2002 39. Inserted vide Section 5 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1991 40. Omitted vide Section 4 of the Finance Act, 2005 w.e.f. 01-04-2006 before it was read as, "before the 1st day of April, 2005" Earlier, Inserted vide Section 5 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2006 41. Inserted vide Section 3 of the Finance Act, 1993 w.e.f. 01-04-1993 42. Substituted vide Section 6 of the Finance Act, 2007 w.e.f. 01-04-2007 before it was read as, "Explanation.- For the purposes of this item, the expression "scheduled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36;" 43. Inserted vide Section 5 of the Finance Act, 1983 w.e.f. 01-04-1983 44. Substituted vide Section 5 of the Finance Act, 2000 w.e.f. ....
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....nance Act, 1999 w.e.f. 01-04-2000 61. Substituted vide Section 6 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "(vii) interest on bonds- (a) issued by a local authority; and (b) specified by the Central Government by notification in the Official Gazette;" Earlier, Inserted vide Section 5 of the Finance Act, 2000 w.e.f. 01-04-2001 62. Inserted vide Second Schedule of the Special Economic Zones Act, 2005 w.e.f. 10-02-2006 63. Substituted vide Section 4 of the Finance Act, 1995 w.e.f. 01-04-1996 before it was read as, "(15A) any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft on lease from the Government of a foreign State or a foreign enterprise under an agreement approved by the Central Government in this behalf. Explanation.-For the purpose of this clause, "foreign enterprise" means a person who is a non-resident;" Earlier, Inserted vide Section 2 of the Income-tax (Amendment) Act, 1989 w.e.f. 24-01-1989 64. Inserted vide Section 3 of the Finance Act, 1997 w.e.f. 01-04-1998 6....