TaxTMI 
TaxTMI 
TaxTMI 
INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS
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.... impartible estate. 2. Any sum received by a partner 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 as share in profit 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 124. (i) Any employee; or (ii) 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 the case may be, as per the terms and conditions specified under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and the regul....
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.... (a) Such allowance is specifically granted to meet expenditure actually incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee; (b) such allowance is to such extent as may be prescribed having regard to the area or place in which such accommodation is situated and 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. 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. 13. Any allowance. Any assessee. (a) Such ....
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....s arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st April, 2004. 19. Any income which accrues or arises- (a) from any source in the areas or States mentioned in column C; or (b) by way of dividend or interest on securities. A member of a Scheduled Tribe,- (a) as defined in article 366(25) of the Constitution; and (b) residing in any area specified in Part I or II of the Table appended to paragraph 20 of the 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. Ni....
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....e profession of, law, medicine, accountancy, engineering or architecture or such other profession as the Central Government may, by notification specify in this behalf. (a) the association or institution applies its income, or accumulates it for application, solely to the objects for which it is established; (b) the association or institution is for the time being approved by the Central Government by general or special order; and (c) the procedure for withdrawal of approval granted shall be in such manner, as may be prescribed. 25. Any income attributable to the business of production, sale, or marketing, of khadi or products of village industries An 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 the purposes of profit; (b) such institution applies its income, or accumulates it for application, solely for the development of khadi or village industries,....
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....the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; (c)any income from investment made by the Fund. Any Core Settlement Guarantee Fund, set up by a recognised clearing corporation. (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 the specified person, 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. 31. Any income chargeable under the heads "Income from house property" and "Income from other sources". (a) A registered union within the meaning of the Trade Unions Act, 1926 (16 of 1926), formed primarily for the purpose 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). Nil. 32. Any interest on securities, and any capital gains of the fund arising from the sale, exchange or transfer of s....
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....ntral Government in this behalf. Indian Strategic Petroleum Reserves Limited, being a wholly owned subsidiary of the Oil Industry Development Board under the Ministry of Petroleum and Natural Gas. It shall not apply to an arrangement, if the crude oil is not replenished in the storage facility within three years from the end of the tax year in which the crude oil was removed from the storage facility for the first time. 38. Any gratuity computed as per the provisions of section 19(1) (Table: Sl. No. 3.C) to (Table: Sl. No. 6.C). Any widow, children or dependants on death of an employee. Nil. ^2[38A. Disability Pension received (including service element and disability element). An individual who has been a member of the armed forces (including paramilitary forces) of the Union. (a) The individual has been invalided out of service in the armed forces on account of bodily disability attributable to, or aggravated by such service; and (b) the individual has not retired on superannuation or otherwise. 38B. Any interest on compensation amount awarded by Motor Accident Claims Tribunal. An individual or his ....
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....s, 1961 (herein referred to as the "Register of Sikkim Subjects"), immediately before the 26th April, 1975; (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; (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of the father or husband or paternal grand-father or brother from the same father of such individual has been recorded in that register; (iv) any other individual, whose name does not appear in the Register of Sikkim Subjects but it is established that such individual was domiciled in Sikkim on or before the 26th April, 1975; or (v) any other individual, who was not domiciled in Sikkim on or before the 26th April, 1975, but it is established beyond doubt that the father or husband or paternal grand-father or brother from the same father of such individual was domiciled in Sikkim on or before the 26th April, 1975. Note 5.-For the purposes of Sl. No. 21, the expression "concerned Bo....
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.... 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 Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996). Note 11: For the purposes of Sl. No. 30,-- (a) "recognised clearing corporation" shall have the same meaning asassigned to it in-- (i) ^1[regulation 2(1)(p)] of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 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) regulation 2(1)(n) of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authori....