TaxTMI 
TaxTMI 
TaxTMI 
PERSONS EXEMPT FROM TAX
X X X X Extracts X X X X
X X X X Extracts X X X X
....funds and contributions and other sums received by it in the forms or modes specified in section 350; (b) such fund is approved by the Principal Commissioner or Commissioner in 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. 3. Any 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 (41 of 1999). 4. An authority (whether known as the Khadi and Village Industries Board or by any other name). 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. 5. Any body or....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Any University or other educational institution wholly or substantially financed by the Government. (a) It exists solely for educational purposes and not for purposes of profit; and (b) if the Government grant to such University or other educational institution exceeds such percentage of the total receipts including any donations, as may be prescribed, of such University or other educational institution, it shall be considered as being substantially financed by the Government during the relevant tax year. 18. Any hospital or other institution wholly or substantially financed by the Government. (a) It is for the reception and treatment of persons suffering from illness or mental defectiveness, or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation; (b) it exists solely for philanthropic purposes and not for the purposes of profit; and (c) if the Government grant to such hospital or other institution exceeds such percentage of the total receipts including any donations, as may be prescribed, of such hospital or other institution, it shall be considered....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ions of the Employees' State Insurance Act, 1948 (34 of 1948). Nil. 28. An agricultural produce market committee or board constituted under any law. Such committee or board is constituted for the purpose of regulating the marketing of agricultural produce. 29. 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. 30. A corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. Nil. 31. Any corporation established by a Central Act or State Act or Provincial Act for the welfare and economic upliftment of ex-servicemen being the citizens of India. Nil. 32. Any co-operative society formed for promoting the interests of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....edit guarantee funds established and wholly financed by the Central Government. Nil. 44. A credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited. Nil. 45. Credit Guarantee Fund Trust for Micro and Small Enterprises, being a trust created by the Central Government and the Small Industries Development Bank of India established under section 3(1) of the Small Industries Development Bank of India Act, 1989 (39 of 1989). Nil. 46. An infrastructure debt fund. Such fund is set up as per the guidelines issued by the Central Government, by notification. 47. An institution established for financing the infrastructure and development set up under an Act of Parliament. Such exclusion from total income is for ten consecutive tax years, beginning from the tax year in which such institution is set up and such institution is notified by the Central Government. 48. A developmental financing institution, licensed by the Reserve Bank of India under an Act of Parliament referred to against serial number 4....