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of <h1>Schedule V narrows income exclusions for institutional investors, sets timing, holding-period, proportional rules, clawback, and guideline powers</h1> SCHEDULE V excludes specified categories of income from total income for defined institutional investors (investment funds, business trusts including REITs/InvITs, venture capital vehicles and certain foreign public investors), operating as a negative list subject to detailed notes, cross-references to SEBI/RBI/IFSC rules and conditions. Eight table entries set scope (e.g., exclusion of non-business income for investment funds, SPV interest/dividend exemptions for business trusts, unit-holder distribution carve-outs, venture capital and 'specified person' exemptions). Sl. No.7 imposes temporal and holding-period limits (investments 1-Apr-2020 to 31-Mar-2030; three-year hold), proportional computation rules, clawback on failure, and an express bar for sovereign/pension funds that use borrowings. The Board may issue binding guidelines with government approval.
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