Income Tax Act

Official PDF pages 646–650

SOURCE PDF PAGE 646
Sl.
No.
Eligible persons   Conditions
A   B   C
27.   Employees’ State Insurance Fund
set up under the provisions 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 consti -
tuted for the purpose of regulating
the marketing of agricultural pro -
duce.
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, institu -
tion 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
members of either the Scheduled
Castes or Scheduled Tribes, or both.
Membership of such co-operative
society shall consist of only other
co-operative societies formed for
similar purposes and the finances
of   the   society   are   provided   by
the   Government   and   such   other
societies.
33   Coffee   Board   constituted   under
section 4 of the Coffee Act, 1942 (7
of 1942).
Nil .
34.   Rubber Board constituted under
section 4(1) of the Rubber Board Act,
1947 (24 of 1947).
Nil .
35.   Tea Board established under section
4 of the Tea Act, 1953 (29 of 1953).
Nil .
36.   Tobacco Board constituted under the
Tobacco Board Act, 1975 (4 of 1975).
Nil .

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SOURCE PDF PAGE 647
Sl.
No.
Eligible persons   Conditions
A   B   C
37.   Marine   Products   Export   Development
Authority established under section
4 of the Marine Products Export
Development Authority Act, 1972
(13 of 1972).
Nil .
38.   Agricultural and Processed Food
Products   Export   Development
Authority established under section
4 of the Agricultural and Processed
Food Products Export Development
Act, 1985 (2 of 1986).
Nil .
39.   Spices   Board   constituted   under
section 3(1) of the Spices Board Act,
1986 (10 of 1986).
Nil .
40.   Coir Board established under section
4 of the Coir Industry Act, 1953 (45
of 1953).
Nil .
41.   New Pension System Trust estab -
lished on the 27th February, 2008
under the provisions of the Indian
Trusts Act, 1882 (2 of 1882).
Nil .
42.   Any body or authority or Board or
Trust or Commission, not being a
company, which has been established
or constituted by or under a Central
Act or State Act with one or more of
the following purposes,—
( a )   dealing with and satisfying the
need for housing accommoda -
tion;
( b )   planning, development or im -
provement of cities, towns and
villages;
( c )   regulating, or regulating and
developing, any activity for the
benefit of the general public; or
( d )   regulating any matter, for the
benefit of the general public,
arising out of the object for
which it has been created.
Such body or authority or Board
or Trust or Commission is notified
by the Central Government.

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SOURCE PDF PAGE 648
Sl.
No.
Eligible persons   Conditions
A   B   C
43.   National Credit Guarantee Trustee
Company Limited, being a company
established   and   wholly   financed
by   the   Central   Government   for
the purposes of operating credit
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 Gov -
ernment and the Small Industries
Development Bank of India estab -
lished 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.   Aninstitutionestablishedforfinancing
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 institu -
tion, licensed by the Reserve Bank
of India under an Act of Parliament
referred to against serial number 47.
( a )   Such institution is notified by
the Central Government;
( b )   exclusion of such income from
the total income is for five con -
secutive tax years beginning
from the tax year in which the
developmental financing insti -
tution is set up; and
( c )   the Central Government may,
by notification extend the pe -
riod of exclusion for a further
period, not exceeding five more

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SOURCE PDF PAGE 649
Sl.
No.
Eligible persons   Conditions
A   B   C
consecutive tax years, subject
to fulfilment of such conditions
as specified in the said notifi -
cation.
43
[ 49.   New Development Bank.   Such exemption shall be subject to
furnishing of information in such form
and manner, as may be prescribed. ]
Note   1. —For   the   purposes   of   Sl.   No.   3,   the   expression   “Controller   of   Insurance”
shall have the same meaning as assigned to it in section 2( 5B ) of the Insurance Act, 1938 (4
of 1938).
Note 2 .—For the purposes of Sl. No. 4, the expression “khadi” and “village industries” shall
have the meanings respectively assigned to them in the Khadi and Village Industries Com -
mission Act, 1956 (61 of 1956).
Note 3 .—For the purposes of Sl. No. 21, the expression “public financial institution” shall have
the same meaning as assigned to it in section 2( 72 ) of the Companies Act, 2013 (18 of 2013).
Note 4 .—For the purposes of Sl. No. 29,––
( a )   “Scheduled Castes” and “Scheduled Tribes” shall have the meanings respectively
assigned to them in article 366(24) or (25) of the Constitution;
( b )   “backward classes” means such classes of citizens, other than the Scheduled
Castes and the Scheduled Tribes, as may be notified by the Central Government
or any State Government.
Note 5. —For the purposes of Sl. No. 30, the expression “minority community” means a com -
munity notified as such by the Central Government.
Note 6. —For the purposes of Sl. No. 31, the expression “ex-servicemen” means persons—
( i )   who have served in any rank, whether as combatant or non-combatant;
( ii )   in the armed forces of the Union or armed forces of the Indian States before the
commencement of the Constitution (but excluding the Assam Rifles, Defence
Security Corps, General Reserve Engineering Force, Lok Sahayak Sena, Jammu
and Kashmir Militia and Territorial Army);
( iii )   for a continuous period of not less than six months after attestation;
( iv )   who have been released, otherwise than by way of dismissal or discharge on
account of misconduct or inefficiency; and
( v )   includes their wife, children, father, mother, minor brother, widowed daughter and
widowed sister, wholly dependent upon such ex- servicemen, immediately before
their death or incapacitation, in case of deceased or in capacitated ex-service men.
SCHEDULE VIII
[ See   section 12]
INCOME NOT TO BE INCLUDED IN THE TOTAL
INCOME OF POLITICAL PARTIES AND ELECTORAL TRUSTS
In computing the total income of a tax year of any eligible person, being a polit -
ical party or an electoral trust, as mentioned in column C of the Table below, the
43.   Inserted by the Finance Act, 2026, w.e.f.   1-4-2026 .

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SOURCE PDF PAGE 650
income mentioned in column B of the said Table shall not be included, subject to
the conditions mentioned in column D of the said Table, and the expressions used
in columns B to D of the said Table, shall have the meanings respectively assigned
to them in the Note below the said Table:
TABLE
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
1.   Any   income   which
is chargeable un -
der the head “In -
come from house
property” or “In -
come from other
sources” or “Cap -
ital gains” or any
income by way of
voluntary contri -
butions received
from any person.
A political party
registered under
section 29A of the
Representation
of the People Act,
1951 (43 of 1951).
( a )   Such   political   party   keeps
and maintains such books of
account and other documents
as would enable the Assessing
Officer to properly deduce its
income therefrom;
( b )   in respect of each such volun -
tary contribution other than
contribution by way of elector -
al bond in excess of   `   20,000,
such political party keeps and
maintains a record of such
contribution and the name
and   address of the person who
has made such contribution;
( c )   the accounts of such political
party are audited by an ac -
countant;
( d )   no donation exceeding   `   2,000
is received by such political
party otherwise than by an
account payee cheque drawn
on a bank or an account payee
bank draft or use of electronic
clearing system through a bank
account or through such other
electronic mode as may be
prescribed or through electoral
bond;
( e )   the treasurer of such political
party or any other person au -
thorised by that political party
in this behalf submits a report
under section 29C(3) of the
Representation of the People
Act, 1951 (43 of 1951) for such
tax year; and