TaxTMI 
TaxTMI 
TaxTMI 
INCOME NOT TO BE INCLUDED IN TOTAL INCOME
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....ceived under a life insurance policy, including the sum allocated by way of bonus on such policy. (a) The insurance policies, issued during the period mentioned in column B of the table below, except where such sum is received on the death of a person, under a life Insurance policy issued by, shall fulfil the conditions mentioned in column C thereof: Sl. No. Period of issue of insurance policy Conditions A B C 1. 1st April, 2003 to 31st March, 2012. Premium to sum assured ratio is ≤ 20%. 2. 1st April, 2012 to 31st March, 2013. Premium to sum assured ratio is ≤ 10%. 3. 1st April, 2013 to 31st January, 2021. Premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% fo....
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....eceived under section 127(4); and (ii) any sum received under a Keyman insurance policy. Note.-For removal of difficulties, the Board may issue guidelines with the previous approval of the Central Government, which shall be binding on the income-tax authorities and the assessee and every guideline issued by the Board under this clause shall be laid before each House of Parliament. 3. Any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies, or from any other provident fund set up by the Central Government and notified by it in this behalf. (a) The income by way of interest accrued during the tax year shall not be eligible for exclusion from total income where,-- ....
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....om the National Pension System Trust. (a) Such payment is on closure of account of the assessee or on his opting out of the pension scheme referred to in section 124; and (b) the said payment does not exceed 60% of the total amount payable at the time of such closure or his opting out of the scheme. 7. Any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme or to his nominee. Nil. 8. Any payment from an approved superannuation fund. Such payment is made- (a) on the death of a beneficiary; (b) 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; ....
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.... by the Central Government, subject to such conditions and limits as specified therein. 12. Interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by the Central Government. Nil 13. Interest on bonds issued by a local authority or by a State Pooled Finance Entity. As specified by the Central Government, by notification. 14. Any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964 referred to in Schedule I to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002). The transfer of such asset takes place on or after the 1st April, 2002....
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....l Financial Services Centre Authority (Registration of Insurance Business) Regulations, 2021, made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) (c) "Keyman insurance policy" means a life insurance policy-- (I) taken by a person on the life of another person; (ii) such person is or was the employee of the first-mentioned person or is or was connected in any manner with the business of the first-mentioned person; and (iii) includes such policy which has been assigned to a person at any time during the term of the policy, with or without any consideration; (d) "premium to sum assured ratio" shall mean the highest percentage of annual premium payable to the actu....