GST Gyaan GST Gyaan
Join Us
Sidebar
THE INCOME TAX ACT, 2025
Section 1 of Income Tax Act - Shor... Section 2 of Income Tax Act - Defi... Section 3 of Income Tax Act - Def... Section 4 of Income Tax Act - Char... Section 5 of Income Tax Act - Scop... Section 6 of Income Tax Act - Resi... Section 7 of Income Tax Act - Inco... Section 8 of Income Tax Act - Inco... Section 9 of Income Tax Act - Inco... Section 10 of Income Tax Act - App... Section 11 of Income tax Act - Inc... Section 12 of Income Tax Act - Inc... Section 13 of Income Tax Act - Hea... Section 14 of Income Tax Act - Inc... Section 15 of Income Tax Act - Sal... Section 16 of Income Tax Act - Inc... Section 17 of Income Tax Act - Per... Section 18 of Income Tax Act - Pro... Section 19 of Income Tax Act - Ded... Section 20 of Income Tax Act - Inc... Section 21 of Income Tax Act - Det... Section 22 of Income Tax Act - Ded... Section 23 of Income Tax Act - Arr... Section 24 of Income Tax Act - Pro... Section 25 of Income Tax Act - Int... Section 26 of Income Tax Act - Inc... Section 27 of Income Tax Act - Man... Section 28 of Income Tax Act - Ren... Section 29 of Income Tax Act - Ded... Section 30 of Income Tax Act - Ded... Section 31 of Income Tax Act - Ded... Section 32 of Income Tax Act - Oth... Section 33 of Income Tax Act - Ded... Section 34 of Income Tax Act - Gen... Section 35 of Income Tax Act - Amo... Section 36 of Income Tax Act - Exp... Section 37 of Income Tax Act - Cer... Section 38 of Income Tax Act - Cer... Section 39 of Income Tax Act - Com... Section 40 of Income Tax Act - Spe... Section 41 of Income Tax Act - Wri... Section 42 of Income Tax Act - Cap... Section 43 of Income Tax Act - Tax... Section 44 of Income Tax Act - Amo... Section 45 of Income Tax Act - Exp... Section 46 of Income Tax Act - Cap... Section 47 of Income Tax Act - Exp... Section 48 of Income Tax Act - Tea... Section 49 of Income Tax Act - Sit... Section 50 of Income Tax Act - Spe... Section 51 of Income Tax Act - Amo... Section 52 of Income Tax Act - Amo... Section 53 of Income Tax Act - Ful... Section 54 of Income Tax Act - Bus... Section 55 of Income Tax Act - Ins... Section 56 of Income Tax Act - Spe... Section 57 of Income Tax Act - Rev... Section 58 of Income Tax Act - . S... Section 59 of Income Tax Act - Com... Section 60 of Income Tax Act - Ded... Section 61 of Income Tax Act - Spe... Section 62 of Income Tax Act - Mai... Section 63 of Income Tax Act - Tax... Section 64 of Income Tax Act - Spe... Section 65 of Income Tax Act - Int... Section 66 of Income Tax Act - Int... Section 67 of Income Tax Act - Cap... Section 69 of Income Tax Act - Cap... Section 70 of Income Tax Act - Tra... Section 71 of Income Tax Act - Wit... Section 72 of Income Tax Act - Mod... Section 73 of Income Tax Act - Cos... Section 74 of Income Tax Act - Spe... Section 75 of Income Tax Act - Spe... Section 76 of Income Tax Act - Spe... Section 77 of Income Tax Act - Spe... Section 78 of Income Tax Act - Spe... Section 79 of Income Tax Act - Spe... Section 80 of Income Tax Act - Fai... Section 68 of Income Tax Act - Cap... Section 81 of Income Tax Act - Adv... Section 82 of Income Tax Act - Pro... Section 83 of Income Tax Act - Cap... Section 84 of Income Tax Act - Cap... Section 85 of Income Tax Act - Cap... Section 86 of Income Tax Act - Cap... Section 87 of Income Tax Act - Exe... Section 88 of Income Tax Act - Exe... Section 89 of Income Tax Act - Ext... Section 90 of Income Tax Act - Mea... Section 91 of Income Tax Act - Ref... Section 92 of Income Tax Act - Inc... Section 93 of Income Tax Act - Ded... Section 94 of Income Tax Act - Amo... Section 95 of Income Tax Act - Pro... Section 96 of Income Tax Act - Tra... Section 97 of Income Tax Act - Cha... Section 98 of Income Tax Act - “... Section 99 of Income Tax Act - Inc... Section 100 of Income Tax Act - Li... Section 101 of Income Tax Act - To... Section 102 of Income Tax Act - Un... Section 103 of Income Tax Act - Un... Section 104 of Income Tax Act - Un... Section 105 of Income Tax Act - Un... Section 106 of Income Tax Act - Am... Section 107 of Income Tax Act - Ch... Section 108 of Income Tax Act - Se... Section 109 of Income Tax Act - Se... Section 110 of Income Tax Act - Ca... Section 111 of Income Tax Act - Ca... Section 112 of Income Tax Act - Ca... Section 113 of Income Tax Act - Se... Section 114 of Income Tax Act - Se... Section 115 of Income Tax Act - Se... Section 116 of Income Tax Act - Tr... Section 117 of Income Tax Act - Tr... Section 118 of Income Tax Act - Ca... Section 119 of Income Tax Act - Ca... Section 120 of Income Tax Act - No... Section 121 of Income Tax Act - Su... Section 122 of Income Tax Act - De... Section 123 of Income tax Act - De... Section 124 of Income Tax Act - De... Section 125 of Income Tax Act - De... Section 126 of Income Tax Act - De... Section 127 of Income Tax Act - De... Section 128 of Income Tax Act - De... Section 129 of Income Tax Act - De... Section 130 of Income Tax Act - De... Section 131 of Income Tax Act - De... Section 132 of Income Tax Act - De... Section 133 of Income Tax Act - De... Section 134 of Income Tax Act - De... Section 135 of Income Tax Act - De... Section 136 of Income Tax Act - De... Section 137 of Income Tax Act - De... Section 138 of Income Tax Act - De... Section 139 of Income Tax Act - De... Section 140 of Income Tax Act - Sp... Section 141 of Income Tax Act - De... Section 142 of Income Tax Act - De... Section 143 of Income Tax Act - Sp... Section 144 of Income Tax Act - Sp... "Section 145 of Income Tax Act - D... "Section 145 of Income Tax Act - D... Section 146 of Income Tax Act - De... Section 147 of Income Tax Act - De... Section 148 of Income Tax Act - De... Section 149 of Income Tax Act - De... Section 150 of Income Tax Act - In... Section 151 of Income Tax Act - De... Section 152 of Income Tax Act - De... Section 153 of Income Tax Act - De... Section 154 of Income Tax Act - De... Section 155 of Income Tax Act - Re... Section 156 of Income Tax Act - Re... Section 157 of Income Tax Act - Re... Section 158 of Income Tax Act - Re... Section 159 of Income Tax Act - Ag... Section 160 of Income Tax Act - Co... Section 161 of Income Tax Act - Co... Section 162 of Income Tax Act - Me... Section 163 of Income Tax Act - Me... Section 164 of Income Tax Act - Me... Section 165 of Income Tax Act - De... Section 166 of Income Tax Act - Re... Section 167 of Income Tax Act - Po... Section 168 of Income Tax Act - Ad... Section 169 of Income Tax Act - Ef... Section 170 of Income Tax Act - Se... Section 171 of Income Tax Act - Ma... Section 172 of Income Tax Act - Re... Section 173 of Income Tax Act - De... Section 174 of Income Tax Act - Av... Section 175 of Income Tax Act - Av... Section 176 of Income Tax Act - Sp... Section 177 of Income Tax Act - Li... Section 178 of Income Tax Act - Ap... Section 179 of Income Tax Act - Im... Section 180 of Income Tax Act - Ar... Section 181 of Income Tax Act - Co... Section 182 of Income Tax Act - Tr... Section 183 of Income Tax Act - Ap... Section 184 of Income Tax Act - In... Section 185 of Income Tax Act - Mo... Section 186 of Income Tax Act - Mo... Section 187 of Income Tax Act - Ac... Section 188 of Income Tax Act - Mo... Section 189 of Income Tax Act - In... Section 190 of Income Tax Act - De... Section 191 of Income Tax Act - Ta... Section 192 of Income Tax Act - Ta... Section 193 of Income Tax Act - Ta... Section 194 of Income Tax Act - Ta... Section 195 of Income Tax Act - Ta... Section 196 of Income Tax Act - Ta... Section 197 of Income Tax Act - Ta... Section 198 of Income Tax Act - Ta... Section 199 of Income Tax Act - Ta... Section 200 of Income Tax Act - Ta... Section 201 of Income Tax Act - Ta... Section 202 of Income Tax Act - Ne... Section 203 of Income Tax Act - Ta... Section 204 of Income Tax Act - Ta... Section 205 of Income Tax Act - Co... Section 206 of Income Tax Act - Sp... Section 207 of Income Tax Act - Ta... Section 208 of Income Tax Act - Ta... Section 209 of Income Tax Act - Ta... Section 210 of Income Tax Act - Ta... Section 211 of Income Tax Act - Ta... Section 212 of Income Tax Act - In... Section 213 of Income Tax Act - Sp... Section 214 of Income Tax Act - Ta... Section 215 of Income Tax Act - Ca... Section 216 of Income Tax Act - Re... Section 217 of Income Tax Act - Be... Section 218 of Income Tax Act - Ch... Section 219 of Income Tax Act - Co... Section 220 of Income Tax Act - Fo... Section 221 of Income Tax Act - Ta... Section 222 of Income Tax Act - Ta... Section 223 of Income Tax Act - Ta... Section 224 of Income Tax Act - Ta... Section 225 of Income Tax Act - In... Section 226 of Income Tax Act - To... Section 227 of Income Tax Act - Co... Section 228 of Income Tax Act - Re... Section 229 of Income Tax Act - De... Section 230 of Income Tax Act - Ex... Section 231 of Income Tax Act - Me... Section 232 of Income Tax Act - Ce... Section 233 of Income Tax Act - Am... Section 234 of Income Tax Act - Av... Section 235 of Income Tax Act - In... Section 236 of Income Tax Act - In... Section 237 of Income Tax Act - Ap... Section 238 of Income Tax Act - Co... Section 239 of Income Tax Act - In... Section 240 of Income Tax Act - Ta... Section 241 of Income Tax Act - Ju... Section 242 of Income Tax Act - Ju... Section 243 of Income Tax Act - Po... Section 244 of Income Tax Act - Ch... Section 245 of Income Tax Act - Fa... Section 246 of Income Tax Act - Po... Section 247 of Income Tax Act - Se... Section 248 of Income Tax Act - Po... Section 249 of Income Tax Act - Re... Section 250 of Income Tax Act - Ap... Section 251 of Income Tax Act - Co... Section 252 of Income Tax Act - Po... Section 253 of Income Tax Act - Po... Section 254 of Income Tax Act - Po... Section 255 of Income Tax Act - Po... Section 256 of Income Tax Act - Po... Section 257 of Income Tax Act - Pr... Section 258 of Income Tax Act - Di... Section 259 of Income Tax Act - Po... Section 260 of Income Tax Act - Fa... Section 261 of Income Tax Act - In... Section 262 of Income Tax Act - Pe... Section 263 of Income Tax Act - Re... Section 264 of Income Tax Act - Sc... Section 265 of Income Tax Act - Re... Section 266 of Income Tax Act - Se... Section 267 of Income Tax Act - Ta... Section 268 of Income Tax Act - In... Section 269 of Income Tax Act - Es... Section 270 of Income Tax Act - As... Section 271 of Income Tax Act - Be... Section 272 of Income Tax Act - Po... Section 273 of Income Tax Act - Fa... Section 274 of Income Tax Act - Re... Section 275 of Income Tax Act - Re... Section 276 of Income Tax Act - Me... Section 277 of Income Tax Act - Me... Section 278 of Income Tax Act - Ta... Section 279 of Income Tax Act - In... Section 280 of Income Tax Act - Is... Section 281 of Income Tax Act - Pr... Section 282 of Income Tax Act - Ti... Section 283 of Income Tax Act - Pr... Section 284 of Income Tax Act - Sa... Section 285 of Income Tax Act - O... Section 286 of Income Tax Act - Ti... Section 287 of Income Tax Act - Re... Section 288 of Income Tax Act - Ot... Section 289 of Income Tax Act - No... Section 290 of Income Tax Act - Mo... Section 291 of Income Tax Act - I... Section 292 of Income Tax Act - As... Section 293 of Income Tax Act - Co... Section 294 of Income Tax Act - Pr... Section 295 of Income Tax Act - Un... Section 296 of Income Tax Act - Ti... Section 297 of Income Tax Act - Ce... Section 298 of Income Tax Act - Le... Section 299 of Income Tax Act - Au... Section 300 of Income Tax Act - Ap... Section 301 of Income Tax Act - In... Section 302 of Income Tax Act - Le... Section 303 of Income Tax Act - Re... Section 304 of Income Tax Act - Li... Section 305 of Income Tax Act - Ri... Section 306 of Income Tax Act - Wh... Section 307 of Income Tax Act - Ch... Section 308 of Income Tax Act - Ch... Section 309 of Income Tax Act - Me... Section 310 of Income Tax Act - Sh... Section 311 of Income Tax Act - Ch... Section 312 of Income Tax Act - Ex... Section 313 of Income Tax Act - Su... Section 314 of Income Tax Act - Ef... Section 315 of Income Tax Act - As... Section 316 of Income Tax Act - Sh... Section 317 of Income Tax Act - As... Section 318 of Income Tax Act - As... Section 319 of Income Tax Act - As... Section 320 of Income Tax Act - Di... Section 321 of Income Tax Act - As... Section 322 of Income Tax Act - Co... Section 323 of Income Tax Act - Li... Section 324 of Income Tax Act - Ch... Section 325 of Income Tax Act - As... Section 326 - Assessment when sect... Section 327 - Change in constituti... Section 328 - Succession of one fi... Section 329 - Joint and several li... Section 330 - Firm dissolved or bu... Section 331 - Liability of partner... Section 332 - Application for regi... Section 333 - Switching over of re... Section 334 - Tax on income of reg... Section 335 - Regular income... Section 336 - Taxable regular inco... Section 337 - Specified income... Section 338 - Income not to be inc... Section 339 - Corpus donation... Section 340 - Deemed corpus donati... Section 341 - Application of incom... Section 342 - Accumulated income... Section 343 - Deemed accumulated i... Section 344 - Business undertaking... Section 345 - Restriction on comme... Section 346 - Restriction on comme... Section 347 - Books of account... Section 348 - Audit... Section 349 - Return of income... Section 350 - Permitted modes of i... Section 351 - Specified violation... Section 352 - Tax on accreted inco... Section 353 - Other violations... Section 354 - Application for appr... Section 355 - Interpretation... Section 356 - Appealable orders be... Section 357 - Appealable orders be... Section 358 - Form of appeal and l... Section 359 - Procedure in appeal... Section 360 - Powers of Joint Comm... Section 361 - Appellate Tribunal... Section 362 - Appeals to Appellate... Section 363 - Orders of Appellate ... Section 364 - Procedure of Appella... Section 365 - Appeal to High Court... Section 366 - Case before High Cou... Section 367 - Appeal to Supreme Co... Section 368 - Hearing before Supre... Section 369 - Tax to be paid irres... Section 370 - Execution for costs ... Section 371 - Amendment of assessm... Section 372 - Exclusion of time ta... Section 373 - Filing of appeal by ... ... Section 375 - Procedure when asses... Section 376 - Procedure where an i... Section 377 - Revision of orders p... Section 378 - Revision of other or... Section 379 - Dispute Resolution C... Section 380 - Interpretation... Section 381 - Board for Advance Ru... Section 382 - Vacancies, etc, not ... Section 383 - Application for adva... Section 384 - Procedure on receipt... Section 385 - Appellate authority ... Section 386 - Advance ruling to be... Section 387 - Powers of the Board ... Section 388 - Procedure of Board f... Section 389 - Appeal... Section 390 - Deduction or collect... Section 391 - Direct payment... Section 392 - Salary and accumulat... Section 393 - Tax to be deducted a... Section 394 - Collection of tax at... Section 395 - Certificates... Section 396 - Tax deducted is inco... Section 397 - Compliance and repor... Section 398 - Consequences of fail... Section 399 - Processing... Section 400 - Power of Central Gov... Section 401 - Bar against direct d... Section 402 - Interpretation... Section 403 - Liability for paymen... Section 404 - Conditions of liabil... Section 405 - Computation of advan... Section 406 - Payment of advance t... Section 407 - Payment of advance t... Section 408 - Instalments of advan... Section 409 - When assessee is dee... Section 410 - Credit for advance t... Section 411 - When tax payable and... Section 412 - Penalty payable when... Section 413 - Certificate by Tax R... Section 414 - Tax Recovery Officer... Section 415 - Stay of proceedings ... Section 416 - Other modes of recov... Section 417 - Recovery through Sta... Section 418 - Recovery of tax in p... Section 419 - Recovery of penaltie... Section 420 - Tax clearance certif... Section 421 of Income Tax Act - Re... Section 422 of Income Tax Act - Re... Section 423 of Income Tax Act - In... Section 424 of Income Tax Act - In... Section 425 of Income Tax Act - In... Section 426 of Income Tax Act - In... Section 427 of Income Tax Act - Fe... Section 428 of Income Tax Act - Fe... Section 429 of Income Tax Act - Fe... Section 430 of Income Tax Act - Fe... Section 431 of Income Tax Act - Re... Section 432 of Income Tax Act - Pe... Section 433 of Income Tax Act - Fo... Section 434 of Income Tax Act - Re... Section 435 of Income Tax Act - Re... Section 436 of Income Tax Act - Co... Section 437 of Income Tax Act - In... Section 438 of Income Tax Act - Se... Section 439 of Income Tax Act - Pe... Section 440 of Income Tax Act - Im... Section 441 of Income Tax Act - Fa... Section 442 of Income Tax Act - Pe... Section 443 of Income Tax Act - Pe... Section 444 of Income Tax Act - Pe... Section 445 of Income Tax Act - Be... Section 446 of Income Tax Act - Fa... Section 447 of Income Tax Act - Pe... Section 448 of Income Tax Act - Pe... Section 449 of Income Tax Act - Pe... Section 450 of Income Tax Act - Pe... Section 451 of Income Tax Act - Pe... Section 452 of Income Tax Act - Pe... Section 453 of Income Tax Act - Pe... Section 454 of Income Tax Act - Pe... Section 455 of Income Tax Act - Pe... Section 456 of Income Tax Act - Pe... Section 457 of Income Tax Act - Pe... Section 458 of Income Tax Act - Pe... Section 459 of Income Tax Act - Pe... Section 460 of Income Tax Act - Pe... Section 461 of Income Tax Act - Pe... Section 462 of Income Tax Act - Pe... Section 463 of Income Tax Act - Pe... Section 464 of Income Tax Act - Pe... Section 465 of Income Tax Act - Pe... Section 466 of Income Tax Act - Pe... Section 467 of Income Tax Act - Pe... Section 468 of Income Tax Act - Pe... Section 469 of Income Tax Act - Po... Section 470 of Income Tax Act - Pe... Section 471 of Income Tax Act - Pr... Section 472 of Income Tax Act - Ba... Section 473 of Income Tax Act - Co... Section 474 of Income Tax Act - Fa... Section 475 of Income Tax Act - Re... Section 476 of Income Tax Act - Fa... Section 477 of Income Tax Act - Fa... Section 478 of Income Tax Act - Wi... Section 479 of Income Tax Act - Fa... Section 480 of Income Tax Act - Fa... Section 481 of Income Tax Act - Fa... Section 482 of Income Tax Act - Fa... Section 483 of Income Tax Act - Fa... Section 484 of Income Tax Act - Ab... Section 485 of Income Tax Act - Pu... Section 486 of Income Tax Act - Pu... Section 487 of Income Tax Act - Of... Section 488 of Income Tax Act - Of... Section 489 of Income Tax Act - Pr... Section 490 of Income Tax Act - Pr... Section 491 of Income Tax Act - Pr... Section 492 of Income Tax Act - Ce... Section 493 of Income Tax Act - Pr... Section 494 of Income Tax Act - Di... Section 495 of Income Tax Act - Sp... Section 496 of Income Tax Act - Of... Section 497 of Income Tax Act - Tr... Section 498 of Income Tax Act - Ap... Section 499 of Income Tax Act - Ce... Section 500 of Income Tax Act - Pr... Section 501 of Income Tax Act - Se... Section 502 of Income Tax Act - Au... Section 502 of Income Tax Act - Au... Section 503 of Income Tax Act - Se... Section 504 of Income Tax Act - Se... Section 505 of Income Tax Act - Su... Section 506 of Income Tax Act - Fu... Section 507 of Income Tax Act - Su... Section 508 of Income Tax Act - Ob... Section 509 of Income Tax Act - Ob... Section 510 of Income Tax Act - An... Section 511 of Income Tax Act - Fu... Section 512 of Income Tax Act - Pu... Section 513 of Income Tax Act - Ap... Section 514 of Income Tax Act - Re... Section 515 of Income Tax Act - Ap... Section 516 of Income Tax Act - Ro... Section 517 of Income Tax Act - Re... Section 518 of Income Tax Act - In... Section 519 of Income Tax Act - Po... Section 520 of Income Tax Act - Co... Section 521 of Income Tax Act - Pr... Section 522 of Income Tax Act - Re... Section 523 of Income Tax Act - No... Section 524 of Income Tax Act - Pr... Section 525 of Income Tax Act - Au... Section 526 of Income Tax Act - Ba... Section 527 of Income Tax Act - Po... Section 528 of Income Tax Act - Po... Section 529 of Income Tax Act - Po... Section 530 of Income Tax Act - Ac... Section 531 of Income Tax Act - Po... Section 532 of Income Tax Act - Po... Section 533 of Income Tax Act - Po... Section 534 of Income Tax Act - La... Section 535 of Income Tax Act - Re... Section 536 of Income Tax Act - Re... SCHEDULE I of Income Tax Act - CON...

SCHEDULE II of Income Tax Act - IN...

SCHEDULE III of Income Tax Act - I... SCHEDULE IV of Income Tax Act - IN... SCHEDULE V of Income Tax Act - INC... SCHEDULE VI of Income Tax Act - IN... SCHEDULE VII of Income Tax Act - P... SCHEDULE VIII of Income Tax Act - ... SCHEDULE IX of Income Tax Act - DE... SCHEDULE X of Income Tax Act - DED... SCHEDULE XI of Income Tax Act... SCHEDULE XII of Income Tax Act... SCHEDULE XIII of Income Tax Act -... SCHEDULE XIV of Income Tax Act - L... SCHEDULE XV of Income Tax Act - DE... SCHEDULE XVI of Income Tax Act - P...

SCHEDULE II of Income Tax Act - INCOME NOT TO BE INCLUDED IN TOTAL INCOME

SCHEDULE II

(See section 11)

INCOME NOT TO BE INCLUDED IN TOTAL INCOME

In computing the total income of a person for a tax year, the income mentioned in column B of the Table below shall not be included, subject to fulfilment of the conditions mentioned in column C of the said Table, and the expressions used in columns B and C of the said Table, shall have the meaning respectively assigned to them in the Notes below the said Table.

Table

Sl.

No.

Income not to be included in total income

Conditions

A

B

C

1.

Agricultural income.

Nil.

2.

Any sum received 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% for other policies.

4.

1st February, 2021 to 31st March, 2023.

Unit linked insurance policy: —

(A) premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies; and

(B) aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) is ≤ ₹ 250000.

Other than unit linked insurance policy: —

Premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies.

5.

On or after the 1st April, 2023.

Unit linked insurance policy: —

(a) premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies; and

(b) aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) ≤ ₹ 2,50,000.

Other than Unit linked insurance policy: —

(i) premium to sum assured ratio is ≤ 15% for special policy; and ≤ 10% for other policies; and

(ii) aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) is ≤ ₹ 5,00,000.

.

(b) the conditions of aggregate premium of ₹ 250000 and ₹500000 mentioned in clause (a) shall not apply to any sum received under a life Insurance policy issued on or after the 1stApril, 2025, by the international Financial Services Centre Insurance Office.

(c) the following sums shall not be eligible for exclusion from total income: –

(i) any sum received 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 were, –

(i) it is attributable to the contribution (including aggregate thereof) made by that person on or after the 1st April, 2021;

(ii) such contribution exceeds–

(A) ₹ 5,00,000 in a tax year in such fund where no contribution is made by the employer of such person;

(B) ₹ 2,50,000 in other cases; and

(b) the amount of income not to be excluded from total income as referred to in clause (a) shall be computed in such manner, as may be prescribed.

4.

The accumulated balance due and becoming payable to an employee participating in a recognized provident fund to the extent provided in paragraph 8 of Part A of the Schedule XI.

(a) The income by way of interest accrued during the tax year shall not be eligible for exclusion from total income were, –

(i) it is attributable to contribution (including aggregate thereof) made by that person on or after the 1stApril, 2021; and

(ii) such contribution exceeds–

(A) ₹ 5,00,000 in a financial year in such fund where no contribution is made by the employer of such person; or

(B) ₹ 2,50,000 in other cases; and (b) the amount of income not to be excluded from total income as referred to in clause (a) shall be computed in such manner as may be prescribed.

5.

Any payment from any account opened as per the Sukanya Samriddhi Account Scheme, 2019 made under the Government Savings Promotion Act, 1873 (5 of 1873).

Nil.

6.

Any payment from 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 Agni veer Corpus Fund to a person enrolled under the Agni path 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;

(c) by way of refund of contributions on the death of a beneficiary;

(d) by way of refund of contributions to an employee on his leaving the service in connection with which the fund is established otherwise than by retirement at or after a specified age or on his becoming incapacitated prior to such retirement, to the extent to which such payment does not exceed the contributions made prior to the commencement of this Act and any interest thereon; or

(e) by way of transfer to the account of the employee under a pension scheme referred to in section 124 and notified by the Central Government in this behalf.

9.

Scholarships.

Such scholarship is granted to meet the cost of education.

10.

 

Any payment made, whether in cash or in kind for any award or reward.

Such payment is made–

(a) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf; or

(b) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in public interest.

11.

Income by way of interest, premium on redemption or other payment on such securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits.

Such certificates and deposits are notified 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 Monetization 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.

15.

Any payment from the National Pension System Trust received by an assessee, who is a subscriber to the Unified Pension Scheme;

(a) such payment received at the time of his superannuation or voluntary retirement or retirement under rule 56(j) of the Fundamental Rules (which is not treated as penalty under the Central Civil Services (Classification, Control and Appeal) Rules, 1965); and

(b) the said payment does not exceed 60% of the Individual corpus, as defined in notification number. FX-1/3/2024-PR of the Department of Financial Services, dated the 24th January, 2025;

16.

Any sum received as “lump sum amount” from the National Pension System Trust by an assessee being a subscriber to the Unified Pension Scheme.

The said “lump sum amount” is as per clause (vi) of Para 2, of the Notification number. FX-1/3/2024-PR of the Department of Financial Services, dated the 24th January, 2025.

17.

Any income covered under section 10(15)(iii) or (15)(iv)(c), 15) (iv)(d), (15)(iv)(e), (15)(iv) (f), (15)(iv) (g) or (15)(iv) (h) or (36) of the Income-tax Act, 1961, (43 of 1961) subject to the conditions as provided therein.

Nil.

 

Note 1. For the purposes of Sl. No. 2, –

(a) “actual capital sum assured” shall have the meaning assigned to it in paragraph 2(2) of Schedule XV;

(b) “International Financial Services Centre Insurance Office” shall have the same meaning as assigned to it regulation 3(1)(k) of the International 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 actual capital sum assured, during the term of the policy;

(e) “special policy” means any policy issued on life of any person, who is—

(i) a person with disability or a person with severe disability as referred to in section 154; or

(ii) suffering from disease or ailment as specified in the rules made under section 128.

(f) “United Linked Insurance Policy” means a unit linked life insurance policy, –

(i) which has components of both investment and insurance; and

(ii) is linked to a unit as defined in regulation 3(ee) of the Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019 made under the Insurance Regulatory and Development Authority Act, 1999(41 of 1999);

Note 2: For the purposes of Sl. No. 7, the expression “Agni veer Corpus Fund” and “Agni path Scheme” shall have the meanings respectively assigned to them in section 125.

Note 3: For the purposes of Sl. No. 11, the expression “interest” includes hedging transaction charges on account of currency fluctuation.

Note 4: For the purposes of Sl. No. 13, the expression “State Pooled Finance Entity” means such entity which is set up as per the guidelines for the Pooled Finance Development Scheme notified by the Central Government in the Ministry of Housing and Urban Affairs.

GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263

Top