TaxTMI 
TaxTMI 
INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS
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....towards his share in the total income of the firm. A person who is a partner of a firm separately assessed as such- The sum received is as per the profit-sharing ratio provided in the partnership deed. 3. Any amount received or receivable from the Central Government or a State Government or a local authority by way of compensation on account of any disaster. Any individual or his legal heir. No deduction of this amount was allowed earlier under this Act on account of any loss or damage caused by such disaster to such individual or his legal heir. 4. Any payment from the National Pension System Trust under the pension scheme referred to in section 121. Any employee, or an assessee, being the guardian or parent of a minor. (a) Such payment is on partial withdrawal made out of his account or 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; and (b) exclusion shall not exceed 25% of the amount of contributions made by him. 5. Daily allowance received Any person by reason of his membership of Parliam....
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....d other relevant considerations; (c) the residential accommodation occupied by the assessee is not owned by him; and (d) the assessee has actually incurred expenditure on payment of rent (by whatever name called) in respect of the residential accommodation occupied by him. 12. Any special allowance or benefit to the extent to which such expenses are actually incurred for that purpose. An assessee. (a) Such allowance or benefit is not in the nature of a perquisite within the meaning of section 17(1); (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 prescribed. 13. Any allowance. An assessee. (a) Such allowance is granted to the assessee to meet his personal expenses:- (i) at the place where the duties of his office; or (ii) at the place employment of profit are ordinarily performed by him; or (iii) at the place where he ordinarily resides; or (iv) to compensate him for the increased cost of living, to the extent as prescribed; and (b) personal allowance to remunerate or ....
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.... Sixth Schedule to the Constitution or in the States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura or in the areas covered by notification No. TAD/R/35/50/109, dated the 23rd February, 1951, issued by the Governor of Assam under the proviso to the said paragraph 20(3) [as it stood immediately before the commencement of the North-Eastern Areas (Reorganisation) Act, 1971 (18 of 1971) or in the Union territory of Ladakh]. Nil. 20. Any income which accrues or arises- (a) from any source in the State of Sikkim; or (b) by way of dividend or interest on securities An individual, being a Sikkimese. Nil. 21. The amount of any subsidy received from or through the concerned Board under a scheme. An assessee who carries on the business of growing and manufacturing tea, rubber, coffee, cardamom or such other commodity in India as notified by the Central Government. (a) Such scheme is for replantation or replacement of tea bushes, rubber plants, coffee plants, cardamom plants or plants for the growing of such other commodity or for rejuvenation or consolidation of areas used for cultivation of tea, rubber, coffee, cardamom or such other....
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....n institution constituted as a public charitable trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any other law corresponding to that Act in force in any part of India. (a) Such institution exists solely for the development of khadi or village industries or both, and not for profit; (b) such institution applies its income, or accumulates it for application, solely for the development of khadi or village industries, or both; (c) such institution is approved for such purpose by the Khadi and Village Industries Commission for a period not exceeding 3 tax years at any one time; and (d) the procedure for withdrawal of approval granted shall be in such manner as prescribed. 26. Any income from the activity of securitisation. A securitisation trust. 27. Any income, by way of 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....
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.... of regulating the relations between workmen and employers or between workmen and workmen; or (b) an association of registered unions referred to in clause (a). 32. Any interest on securities, and any capital gains of the fund arising from the sale, exchange or transfer of such securities. Provident Fund to which the Provident Funds Act, 1925 (19 of 1925) applies. Such securities are held by, or are the property of such Provident Fund. 33. Any income of the nature and to the extent, arising from the international sporting event held in India. Any person notified by the Central Government. (a) Such international sporting event- (i) is approved by the international body regulating the international sport relating to such event; (ii) has participation by more than two countries; and (iii) is notified by the Central Government for the purposes of this clause; and (b) nature and extent of such income is notified by the Central Government. 34. Any income, of the nature and to the extent, which the Central Government may notify in this behalf. A body or authority which has been established or constituted or app....
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....: For the purposes of Sl. No. 8 and 15,-- "family" in relation to an individual, means- (i) the spouse and children of the individual; and (ii) the parents, brothers and sisters of the individual or any of them, wholly or mainly dependent on the individual. Note 3: For the purposes of Sl. No. 18,-- "compensation or consideration" includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority. Note 4: For the purposes of Sl. No. 20,-- "Sikkimese" means- (i) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (hereinafter referred to as the "Register of Sikkim Subjects"), immediately before the 26th April, 1975; or (ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/90-I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt ....
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....sation" shall have the same meaning as assigned to it,- (i) in regulation 2(1)(r) of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or (ii) in section 2(1)(z) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002; or (iii) under the guidelines on securitisation of standard assets issued by the Reserve Bank of India; (b) "securitisation trust" shall have the meaning assigned to it in section 221 (6)(d). Note 9: For the purposes of Sl. No. 28,-- "commodity exchange" shall mean a registered association as defined in section 2(jj) of the Forward Contracts (Regulation) Act, 1952 (74 of 1952). Note 10: For the purposes of Sl. No. 29,-- (a) "depository" shall have the same meaning as assigned to it in section 2(1)(e) of the Depositories Act, 1996 (22 of 1996); (b) "regulations" shall mean the regulations made under the Securities and Exchange B....