TaxTMI 
TaxTMI 
TaxTMI 
Income Specific exemption
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....remium to sum assuredratio is ≤ 15% for special policy; and ≤ 10% for other policies; and • (B)aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) is ≤ Rs. 2,50,000. Other than unit linked insurance policy:- • Premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies. 5. On or after the 1st April, 2023. Unit linked insurance policy:- • (a) premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies; and • (b) aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) ≤ Rs. 2,50,000. Other than Unit linked insurance policy:- • (i) premium to sum assuredratio is ≤ 15% for special policy; and ≤ 10% for other policies; and • (ii) aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) is ≤ Rs. 5,00,000. (b) the conditions of aggregate premium of Rs. 2,50,000/- and Rs. 5,00,000/- mentioned in clause (a) shall not apply • where an....
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....ule 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 14 Pension received. An individual who has been in the service of the Central Government or State Government and has been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry award as the Central Government may, by notification, specify in this behalf. Nil Schedule 3 15 Family pension received. Any member of the family of an individual referred against serial number 14. Nil Schedule 3 16 Family pension received. Widow or children or nominated heirs of a member of the arme....
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....ons as provided therein. (see Below Table ) Nil Schedule 4 14 Any income falling under section 10(15A), (15)(iiia), (15)(iiib), (15)(iiic) or (15)(iv)(a), (15)(iv)(b) or(15)(iv)(fa) of the Income-tax Act, 1961 subject to the conditions as specified therein. (See Below Table) Nil Schedule 5 5 Any distributed income referred to in section 223. Any unit holder of a business trust. Exemption shall not be allowed on that proportion of the income which is of the same nature as-- • (a) interest received or receivable from a special purpose vehicle by the business trust; or • (b) dividend received or receivable from a special purpose vehicle by the business trust (in a case where the special purpose vehicle has exercised the option under section 200); or • (c) income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust. Schedule 5 8 Any income falling under section 10(23F) and (23FA) of the Income-tax Act, 1961, subje....
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....hropic purposes and not for the purposes of profit; and (d) the aggregate of annual receipts of such University or Universities or educational institution or institutions, and hospital or hospitals or institution or institutions, does not exceed five crore rupees; (e) where such University or other educational institution or such hospital or other institution receives any anonymous donation defined under section 355(a), the provisions of section 337 (Table: Sl. No. 1) in respect of specified income shall apply mutatis mutandis as they apply in the case of a registered non-profit organisation and such anonymous donations shall be excluded from the income on which no tax is payable. Schedule 7 41 any income received by any person for, or on behalf of New Pension System Trust established on the 27th February, 2008 under the provisions of the Indian Trusts Act, 1882. Nil Upto 31.03.2026 Under Income Tax Act, 1961 Section Particulars (For conditions / details see the relevant clauses) Limit of Exemption (specified incomes) 10(1) Agriculture Income Fully Exemp....
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.... of Individuals and HUF Fully Exempt 10(15)(iid) Interest on notified bonds (before 1.6.2002) arising to Non-Residents Fully Exempt 10(15)(iii) Interest on securities held by the Issue Department of the Central Bank of Ceylon Fully Exempt 10(15)(iiia) Interest payable to any bank incorporated in a country outside India and authorised to perform central banking functions in that country on any deposits made by it with any Scheduled Bank Fully Exempt 10(15)(iiib) Interest payable to the Nordic Investment Bank Fully Exempt as per MOU 10(15)(iiic) Interest payable to the European Investment Bank Fully Exempt as per Agreement 10(15)(iv)(a) interest payable 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 Fully Exempt 10(15)(iv)(b) interest payable by by an industrial undertaking in India on moneys borrowed by it under 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....