TaxTMI 
TaxTMI 
TaxTMI 
Assessee Specific Exemption
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....d in the partnership deed. Schedule 3 5 Daily allowance received. Any person by reason of his membership of Parliament or of any State Legislature or of any Committee thereof. Nil Schedule 3 6 Any allowance received Any person by reason of his membership of Parliament under the Members of Parliament (Constituency Allowance) Rules, 1986 made under the Salary, Allowances and Pension of Members of Parliament Act, 1954. Nil Schedule 3 7 Any constituency allowance received. Any person by reason of his membership of any State Legislature under any State Act or rules made thereunder. Nil Schedule 3 12 Any special allowance or benefit to the extent to which such expenses are actually incurred for that purpose. Any assessee. (a) Such allowance or benefit is not in the nature of a perquisite within the meaning of section 17(1); and (b) such allowance or benefit is specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, as may be prescribed. Schedule 3 14 Pension received. An individua....
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.... other commodity or for rejuvenation or consolidation of areas used for cultivation of tea, rubber, coffee, cardamom or such other commodity; (b) such scheme is notified by the Central Government; and (c) the assessee furnishes to the Assessing Officer, along with his return of income for the tax year concerned or within such further time as the Assessing Officer may allow, a certificate from the concerned Board, as to the amount of such subsidy paid to the assessee during the tax year. Schedule 3 22 The income which is chargeable under the head "Income from house property", "Capital gains" or "Income from other sources" or from a trade or business. Any local authority. Income from trade or business is eligible for exclusion from total income if such income accrues or arises from the supply of- • (a) a commodity or service (not being water or electricity) within its own jurisdictional area; or • (b) water or electricity within or outside its own jurisdictional area. Schedule 3 23 Any income of a research association. A research association for the time being approved for the purpose of section 45(....
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.... contributions received from recognised stock exchanges and the members thereof. Any Investor Protection Fund set up by recognised stock exchanges in India, either jointly or separately. (a) Such fund is notified by the Central Government; and (b) where any amount standing to the credit of the Fund and not charged to income-tax during any tax year is shared, either wholly or in part, with a recognised stock exchange, the whole of the amount so shared shall be deemed to be the income of the tax year in which such amount is so shared and shall accordingly be chargeable to income-tax. Schedule 3 28 Any income, by way of contributions received from commodity exchanges and the members thereof. Any Investor Protection Fund set up by commodity exchanges in India, either jointly or separately. (a) Such fund is notified by the Central Government; and (b) where any amount standing to the credit of the said Fund and not charged to income-tax during any tax year is shared, either wholly or in part, with a commodity exchange, the whole of the amount so shared shall be deemed to be the income of the tax year in which such amount is so shared and shall accor....
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....the Central Government. Such body or authority- • (a) is established or constituted or appointed not for the purposes of profit; and • (b) is notified by the Central Government. Schedule 3 36 Specified income of entities having the object of regulating or administering any activity for the benefit of the general public A body or authority or Board or Trust or Commission (by whatever name called), or a class thereof, other than those covered under Schedule VII (Table: Sl. No. 42). Such body or authority or Board or Trust or Commission- • (a) has been established or constituted by or under a Central Act, State or Provincial Act, or constituted by the Central Government or a State Government, with the object of regulating or administering any activity for the benefit of the general public; • (b) is not engaged in any commercial activity; and • (c) is notified by the Central Government. Schedule 3 39A Disability Pension received (including service element and disability element) An individual who has been a member of the armed forces (inclu....
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....overnment may, by notification specify. Schedule 4 11 Income received in India in Indian currency on account of import of crude oil etc. A foreign company. (a) Such income is on account of sale of crude oil or any other goods or rendering of services, as may be notified by the Central Government in this behalf, to any person in India; (b) receipt of such income in India by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; (c) such foreign company and the agreement or arrangement is notified by the Central Government, having regard to the national interest; and (d) such foreign company is not engaged in any activity in India, other than activity resulting in such income. Schedule 4 12 Any income accruing or arising on account of storage of crude oil in a facility in India and sale of such crude oil to any person resident in India. A foreign company. (a) Such storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; and (b)....
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.... such manner as may be prescribed; and such approval shall at any one time have effect for such tax year or years not exceeding three tax years as specified in the order of approval. Schedule 7 3 Income of a fund set up by the Life Insurance Corporation of India fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st August, 1996 or any other insurer under a pension scheme. (a) The contribution is made to such pension scheme by any person for the purpose of receiving pension from such fund; and (b) such scheme is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Act, 1999. Schedule 7 4 Any income of an authority (whether known as the Khadi and Village Industries Board or by any other name). Such Authority Such authority is established in a State by or under a State Act or Provincial Act for the development of khadi or village industries in the State. Schedule 7 5 Income of any body or authority (whether or not a body corporate or corporation sole) esta....
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....surance Fund established under section 6C of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 Nil Schedule 7 27 Income of ESI Fund Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948 Nil Schedule 7 28 Income of agricultural produce market committee An agricultural produce market committee or board constituted under any law. Nil Schedule 7 29 Income of a certain corporation A corporation established by a Central Act or State Act or Provincial Act or of any other body, institution or association (being a body, institution or association wholly financed by the Government). Such corporation or other body or institution or association has been established or formed for promoting the interests of the members of the Scheduled Castes or the Scheduled Tribes or backward classes, or of any two, or all of them. Schedule 7 30 Income of corporation established for promoting the interest of member of minority community A corporation established by the Central Government or any State Government for promoting the int....
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....d or constituted by or under a Central Act or State Act with one or more of the following purposes,- • (a) dealing with and satisfying the need for housing accommodation; • (b) planning, development or improvement of cities, towns and villages; • (c) regulating, or regulating and developing, any activity for the benefit of the general public; or • (d) regulating any matter, for the benefit of the general public, arising out of the object for which it has been created. Such body or authority or Board or Trust or Commission is notified by the Central Government. Schedule 7 43 Income of National Credit Guarantee Trustee Company Limited, being a company National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government. Nil Schedule 7 44 Income of a credit guarantee fund A credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited....
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....tituted in the public interest by the Government or any reward by the Government for such purpose as may be approved by the Government Fully Exempt Individual 10(18) Pension received by the winners of Vir Chakra etc. Fully Exempt Individual - Winner of Vir Chakra etc. 10(19A) Annual Value of any one palace in the occupation of the Ruler (House property income) Fully Exempt Ruler 10(20) Income from House Property or Capital Gains or Income from other sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service Fully Exempt Local Authority 10(21) Any income of an approved Research Association - approved for the purposes of Section 35(1)(ii) or (iii) Fully Exempt Approved Research Association 10(22B) Income of News Agency [ Such sub clause does not apply on or after 01-04-2024 ] Fully Exempt News Agency 10(23A) Income of professional Institutions Fully Exempt As notified 10(23AA) Any income received by any person on behalf of any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the p....
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....lly Exempt Such Trust 10(23EC) Contributions received from commodity exchanges and the members thereof Fully Exempt Investor Protection Fund 10(23ED) Contributions received from a depository Fully Exempt Investor Protection Fund 10(23EE) Specified income of such Core Settlement Guarantee Fund Fully Exempt Set up by a recognised clearing corporation 10(23FA) Dividends or long-term capital gains (except u/s 115-O) [ this clause does not apply on or after 31.03.2000] Fully Exempt Venture capital fund or a venture capital company 10(23FB) Any income, if set up to raise funds for investment in a venture capital undertaking Fully Exempt Venture capital company or venture capital fund 10(23FBA) Any income other than the income chargeable under the head "Profits and gains of business or profession" Fully Exempt Investment fund 10(23FC) Interest from SPV and Dividend income Fully Exempt Business trust 10(23FCA) Renting or leasing or letting out any real estate asset Fully Exempt Business trust, being a real estate investment trust 10(24) Income from house property and Income f....
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....ng or administering any activity for the benefit of the general public Fully Exempt (specified amount) Body or authority or Board or Trust or Commission 10(46A) Added by FA, 2023 1. Set up with the object (w.e.f. 1st April, 2024) - • • dealing with and satisfying the need for housing accommodation; • planning, development or improvement of cities, towns and villages; • regulating, or regulating and developing, any activity for the benefit of the general public; or • regulating any matter, for the benefit of the general public, arising out of the object for which it has been created; and • Notified by the Central Government in Official Gazette. Fully Exempt Body or authority or Board or Trust or Commission 10(46B) Added by FA, 2023 any income accruing or arising to,- • National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government; or • a credit guarantee fund established and w....