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      Income Tax

      Comparison of SCHEDULE XVI "PERMITTED MODES OF INVESTMENT OR DEPOSITS" between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

      18 September, 2025

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      SCHEDULE XVI - PERMITTED MODES OF INVESTMENT OR DEPOSITS

      Income-tax Act, 2025

      At a Glance

      The provided documents are two versions of SCHEDULE-XVI (Permitted Modes of Investment or Deposits) related to section 350 of the Income-tax legislation as presented in (a) "SCHEDULE-XVI of Income-tax Act, 2025" (Document 1) and (b) "SCHEDULE-XVI of Income Tax Bill, 2025 - Old Version" (Document 2). Both list permissible investment/deposit modes for registered non-profit / charitable or religious trusts or institutions. The differences between the two texts are principally editorial and ordering/wording differences and a few numbering/clauses variations; they do not indicate new substantive modes in the Old Version beyond those in the Act version provided. Affected parties: charitable/religious trusts, registered non-profit organisations, tax administrators and financial intermediaries. Effective date or decision date: Not stated in the document.

      Background & Scope

      Statutory hooks: See section 350 (referenced) and the schedule title SCHEDULE XVI. The schedule specifies the "modes of investing or depositing the money referred to in section 350" and therefore regulates the forms in which corpus or funds of charitable/religious trusts and institutions (or registered non-profit organisations) may be maintained to retain tax benefits or compliance with section 350. The schedule enumerates specific permitted instruments, investments, deposits and certain transitional and historical exceptions. Definitions are provided within the schedule (see paragraph providing definitions such as "long-term finance", "public company", "urban infrastructure", "Immovable property", "incubatee", "incubator").

      Statutory Provision Mode

      Text & Scope

      The schedule enumerates discrete permitted modes of investment/deposit for monies u/s 350. Coverage: central government small savings instruments (savings certificates, small savings schemes), Post Office Savings Bank, scheduled banks and cooperative banks, Unit Trust of India units, securities issued by Central/State Governments, government-guaranteed debentures, investments/deposits with public sector companies (with transitional deeming rules if company ceases to be a public sector company), bonds issued by specified financial corporations or public companies engaged in long-term housing/urban infrastructure finance, immovable property, IDBI deposits, units of specified mutual funds (Schedule VII entries), transfers to Public Account of India, deposits with housing/urban development authorities, equity shares of depositories, specified investments by recognised stock exchanges, investments by payment system entities in specified companies, incubator/incubatee investments, shares of National Skill Development Corporation, debt instruments of RBI-registered infrastructure finance companies, Sovereign Gold Bonds ("Stock Certificate" definition reference), units of Powergrid Infrastructure Investment Trust, shares in a public sector company, historical corpus exceptions (assets forming corpus as at specified historical dates), accretions by bonus shares, debentures acquired before specified historical dates, voluntary contributions maintained as specified tangible assets, short-term holding exception for non-specified assets, and funds representing business profits under specified conditions.

      Interpretation

      The schedule is primarily a closed list of permissible forms; interpretive principle implied: only these listed forms (and those falling within the enumerated transitional/historical carve-outs) qualify as compliant with section 350 requirements. The definitions provided constrain certain terms (for example, "long-term finance" defined by a five-year minimum repayment term, "Immovable property" excluding most machinery/plant). Legislative intent as indicated by the text: to allow a mix of conservative, government-backed, regulated financial instruments and specified sectoral investments while controlling diversion into unregulated assets; to preserve historical corpus exceptions; and to permit certain strategic sectoral investments (e.g., incubators, digital payments infrastructure, infrastructure finance).

      Exceptions/Provisos

      The schedule includes multiple temporal and condition-based exceptions: (a) investments in public sector company shares remain covered for three years after the company ceases to be a public sector company; (b) other deposit/investment in such company remains covered until repayable; (c) assets not specified in clauses (1)-(30) are permitted only if not held beyond one year from the end of the tax year in which acquired (Document 1 wording differs slightly-see differences table); (d) corpus preservation exceptions for assets held on 1 June 1973 and 1 June 1998; (e) certain assets acquired before 1 March 1983; (f) business profits may be retained only if separate books are maintained where other income exists.

      Illustrations

      • Example 1: A registered non-profit purchases Central Government savings certificates and deposits surplus funds in a scheduled bank: these are permitted under clauses (1) and (3).
      • Example 2: A trust acquires equity shares of a public sector company that later becomes disinvested and ceases to qualify as a public sector company; the trust's shareholding is deemed to remain a permitted investment for three years from the date of change (clause (7)(a)).
      • Example 3: A charitable institution receives a painting as a voluntary contribution and maintains it as part of corpus pending a Board notification: clause (30)/(32) allows voluntary contributions maintained in forms such as furniture or jewellery if specified by Board notification. (Note: reliance on Board notification is required.)

      Interplay

      The schedule cross-references: Government Savings Certificates Act, 1959; Depositories Act, 1996; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Payment and Settlement Systems Act, 2007; Companies Act, 2013; Industrial Development Bank of India Act, 1964; Schedule VII (mutual fund schemes); Sovereign Gold Bonds Scheme notification G.S.R. 827(E) dated 30 October 2015; and section 32(e) (as corrected). Interaction with these statutes and notifications determines eligibility/qualification of instruments and entities named. Specific practical interpretive issues: Not stated in the document (e.g., guidance on valuation, treatment of hybrid instruments, or applicable timelines for Board notifications).

      Differences between Document 1 (Schedule-XVI of Income-tax Act, 2025) and Document 2 (Schedule-XVI of Income Tax Bill, 2025 - Old Version)

      FeatureDocument 1 (Act)Document 2 (Bill - Old)Practical Impact
      Title/Scope descriptionReads "FORMS OR MODES OF INVESTMENT OR DEPOSITS BY A REGISTERED NON PROFIT ORGANISATION".Reads "FORMS OR MODES OF INVESTMENT OR DEPOSITS BY A CHARITABLE OR RELIGIOUS TRUST OR INSTITUTION".Potential drafting consistency/coverage difference: Act version uses broader term "registered non profit organisation" while Bill refers to "charitable or religious trust or institution". Practical effect depends on statutory definition of "registered non profit organisation" vs. "charitable or religious trust or institution" elsewhere - Not stated in the document.
      Numbering and orderingLists items (1)-(32) with definitions at paragraph 2 (a)-(f).Lists items (1)-(32) then includes clause (33) as the definitions block; textual wording slightly varies (e.g., references to "herein referred to" vs "hereafter referred to").Primarily editorial; no substantive change to listed permissible modes is apparent. Practical impact: negligible on permitted modes; clarity/interpretation possibly affected by drafting differences but core content substantially same.
      Specific clause differences (examples)Includes item (30) "voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification specify" as clause (30) and item (31) concerning assets not in clauses (1)-(30) held up to one year from end of tax year.Order differs: item (32) in Document 2 is the "voluntary contributions..." clause and item (30) in Document 2 refers to assets not being investments held after expiry of one year from end of tax year. Also Document 2 contains minor textual corrections (notes indicating correction of "section 32 (1)(e)" to "section 32 (e)").These are drafting/numbering and editorial corrections. Practical impact: none substantive, but numbering differences require caution when citing specific sub-paragraph numbers; reference to section 32(e) correction clarifies intended cross-reference.
      Definitions block placement and labellingDefinitions under "2. Interpretation" enumerated (a)-(f).Definitions included at the end as "(33) In this schedule,- (a) ... (f) ..." with slightly different heading style.No substantive difference in definitions themselves. Practical impact limited to citation conventions within drafting-users must ensure referencing correct clause numbering for each version.
      Minor wording variantsUses phrasing such as "herein referred to as investor" and "herein referred to as investee".Uses "hereafter referred to as investor" and "hereafter referred to as investee"; contains textual spacing and punctuation variations and an explicit errata note about corrections.Editorial only. Practical impact: none on legal substance, but the errata notes in Document 2 improve textual accuracy.

      Practical Implications

      • Compliance and risk areas: Trustees and non-profit administrators must ensure corpus monies are invested only in the enumerated modes or within the short-term holding exception; reliance on non-specified investments beyond the one-year grace risks non-compliance with section 350 conditions. Not stated in the document: procedural sanctions or consequences for non-compliance.
      • Record-keeping/evidence: The text implies need for records evidencing nature of instruments (e.g., government certificates, bank deposits, share certificates, notifications of permitted Board-specified tangible assets), dates of acquisition to apply short-term holding rule and historical corpus cut-off dates, and documentation of separate books of accounts where business profits and other income co-exist.

      Key Takeaways

      • SCHEDULE-XVI provides a closed/enumerated list of permitted investment/deposit modes for monies u/s 350, privileging government-backed and regulated instruments and certain sectoral investments.
      • Both documents substantially list the same modes; differences are largely editorial, numbering and minor wording variations, and a title wording variance (registered non-profit organisation vs. charitable or religious trust/institution).
      • Transitional exceptions (public sector company treatment, historical corpus dates, pre-1983 debentures) preserve earlier holdings and prevent retrospective disallowance of legacy corpus assets.
      • Short-term holding exception permits non-specified assets to be held only up to one year from the end of the tax year in which acquired (wording differs slightly between versions; practitioners should confirm the authoritative version before citation).
      • Definitions such as "long-term finance" (five-year minimum) and "Immovable property" (excluding most machinery/plant) narrow the scope of qualifying instruments.
      • Practical compliance requires careful record-keeping, attention to cross-references (e.g., section 32(e), statutory definitions), and monitoring of statutory/Board notifications referenced for certain asset categories.
      • Errata in the Bill (corrections from "section 32(1)(e)" to "section 32(e)") and minor drafting differences mean practitioners should use the enacted/official Gazette text for authoritative citation.

      Full Text:

      SCHEDULE XVI - PERMITTED MODES OF INVESTMENT OR DEPOSITS

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