Income Tax Act
Explore the Income Tax Act, including important provisions, sections, amendments and related tax-law resources. EduTaxTuber explains key provisions in simple language and provides links to relevant rules, notifications, circulars and other income-tax resources. Because the Income-tax Act, 1961 has been repealed from 1 April 2026, readers should check which law applies to the relevant tax year or assessment period.
Important Sections
Income Tax Act, 2025
EDUTAXTUBER · LAW LIBRARY
Income-tax Act, 2025
Full legal text · Act 30 of 2025 · As amended by Finance Act, 2026
Official PDF pages 606–610
SOURCE PDF PAGE 606 Sl. No. Income not to be included in total income Eligible persons Conditions A B C D ( d ) such income has arisen from the compensa - tion or consideration for such transfer re - ceived by such assessee on or after the 1st April, 2004. 19. Any income which accrues or arises— ( a ) f r o m a n y source in the areas or States mentioned in column C; or ( b ) by way of div - idend or inter - est on securi - ties. A member of a Sche- duled Tribe,— ( a ) as defined in arti - cle 366(25) of the Constitution; and ( b ) residing in any area specified in Part I or II of the Table append - ed to paragraph 20 of the Sixth Schedule to the C o n s t i t u t i o n or in the States o f A r u n a c h a l Pradesh, Mani - pur, Mizoram, Nagaland and Tripura or in the areas covered by notification No. TA D / R / 3 5 / 5 0 / 109, dated the 23rd February, 1951, issued by the Governor of Assam under the proviso to the said paragraph 20(3) [as it stood i m m e d i a t e l y before the com - mencement of Nil . ────────── SOURCE PDF PAGE 607 Sl. No. Income not to be included in total income Eligible persons Conditions A B C D the North-East - ern Areas (Reor - ganisation) Act, 1971 (18 of 1971) or in the Union territory of Lada - kh]. 20. Any income which accrues or arises— ( a ) f r o m a n y source in the State of Sik - kim; or ( b ) by way of div - idend or inter - est on securi - ties. An individual, being a Sikkimese. Nil. 21. The amount of any subsidy received from or through the concerned Board under a scheme. An assessee who car - ries on the business of growing and manu - facturing tea, rubber, coffee, cardamom or such other commodi - ty in India as may be notified by the Central Government. ( a ) Such scheme is for re - plantation or replace - ment of tea bushes, rubber plants, coffee plants, cardamom plants or plants for the growing of such other commodity or for rejuvenation or consolidation of areas used for cultivation of tea, rubber, coffee, car - damom or such other commodity; ( b ) such scheme is notified by the Central Govern - ment; and ( c ) the assessee furnish - es to the Assessing Officer, along with his return of income for the tax year concerned or within such further ────────── SOURCE PDF PAGE 608 Sl. No. Income not to be included in total income Eligible persons Conditions A B C D time as the Assessing Officer may allow, a certificate from the concerned Board, as to the amount of such subsidy paid to the assessee during the tax year. 22. The income which is chargeable under the head “Income from house property”, “Capital gains” or “Income from other sources” or from a trade or business. Any local authority. Income from trade or busi - ness is eligible for exclusion from total income if such income accrues or arises from the supply of— ( a ) a commodity or ser - vice (not being water or electricity) within its own jurisdictional area; or ( b ) water or electrici - ty within or outside its own jurisdictional area. 23. Any income of a re - search association. A research association for the time being ap - proved for the purpose of section 45(3)( a ). ( a ) Applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; ( b ) invests its funds re - ceived in the forms or modes specified in section 350; ( c ) satisfies such condi - tions as may be pre - scribed; and ( d ) the procedure for with - drawal of approval granted shall be in such manner as may be prescribed. ────────── SOURCE PDF PAGE 609 Sl. No. Income not to be included in total income Eligible persons Conditions A B C D 24. Any income (other than income charge - able under the head “Income from house property” or any income received for rendering any specific services or income by way of interest or divi - dends derived from its investments). An association or in - stitution established in India having as its object the control, supervision, regula - tion or encouragement of the profession of, law, medicine, accoun - tancy, 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 accumu - lates it for application, solely to the objects for which it is established; ( b ) the association or in - stitution is for the time being approved by the Central Government by general or special order; and ( c ) the procedure for with - drawal of approval granted shall be in such manner, as may be prescribed. 25. Any income attrib - utable to the busi - ness of production, sale, or marketing, of khadi or products of village industries. An institution consti - tuted as a public chari - table trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any other law corre - sponding to that Act in force in any part of India. ( a ) Such institution exists solely for the develop - ment of khadi or village industries or both, and not for the purposes of profit; ( b ) such institution ap - plies its income, or accumulates it for ap - plication, solely for the development of khadi or village industries, or both; ( c ) such institution is approved for such purpose by the Khadi and Village Industries Commission for a peri - od not exceeding three tax years at any one time; and ( d ) the procedure for withdrawal of approv - al granted shall be in such manner as may be prescribed. ────────── SOURCE PDF PAGE 610 Sl. No. Income not to be included in total income Eligible persons Conditions A B C D 26. Any income from the activity of securiti - sation. A securitisation trust. Nil. 27. Any income, by way of contribu - tions received from recognised stock exchanges and the members thereof. Any Investor Protec - tion Fund set up by recognised stock ex - changes in India, either jointly or separately. ( a ) Such fund is notified by the Central Govern - ment; 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 whol - ly or in part, with a recognised stock ex - change, 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 according - ly be chargeable to income-tax. 28. Any income, by way of contributions re - ceived from com - modity exchanges and the members thereof. Any Investor Protec - tion Fund set up by commodity exchanges in India, either jointly or separately. ( a ) Such fund is notified by the Central Govern - ment; and ( b ) where any amount standing to the credit of the said Fund and not charged to in - come-tax during any tax year is shared, either wholly or in part, with a commodity exchange, 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.
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