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Navigating the Income Tax Act 2025 for Charitable Institutions

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Present provisions in ITA 1961

  • Chapter I-Section 2(15) Definition of charitable object
  • Chapter III: Incomes which do not form part of total income
    • Sections 11-13 (section 10(23C approval entities merged)merged))
      • Section 11-Income from property held for charitable or religious purpose
      • Section 12-Income of trusts from contributions-conditions 12A and registration 12AB
      • Section 13-Section 11 not to apply in certain cases
  • Chapter VI-A-80G-Deduction in respect of donations to certain funds, charitable institutions, etc
  • Chapter XII-Section 105BBC Taxation of Anonymous donations 115BBI Specified income of certain institutions
  • Chapter XIIB-Section 115TD Exit tax on accreted income of charitable institutions

 

Challenges in ITA 1961 & Resolution in ITA 2025

  • Provisions spread across several chapters
  • Evolved over time
  • Provisos and explanations make understanding difficult Resolution
  • Consolidation-Chapter VIIB-Special Provisions for Registered NPOs. Total words reduced from 12.8k to 7.6k
  • Use of common terms for uniform understanding
  • Tabular presentation

Income Tax Act 2025 (effective 1.4.26)

Consolidation of Provisions for NPOs into a Single Chapter: Chapter VIIB-Special Provisions for Registered NPOs-(Sections 332-355). This chapter is divided into seven structured subparts:

  1. Registration of NPO Section 332-333:

    • “Registered Nonprofit Organization” (Registered NPO) as a unified definition for all charitable entities i.e. society, Trust, S8, Univ etc. Definition of charitable object in section 2(23) is same except 2 provisos to seventh limb (GPU) removed from definition and taken to a separate Section 346.

    • Definition of charitable object (Section 2(23)) is same as present 2(15) except 2 provisos to seventh limb (GPU) removed and taken to Section 346

    • Properties should be held under irrevocable trust for general public.

    • Seven types of registrations-activities not commenced, activities commenced but not claimed exemption benefit, provisional registration and activity commenced, provisional registration but activity not commenced till validity period, renewal for expiry of existing registration, inoperative clauses and modification of object. Table specifies timelines for making application, approval timeline by Department and validity of registration (3/5/10 years).

  2. Income of registered NPO-Section 334-343:

    • Regular income has been defined in 4 parts Section 335-receipts from charitable/religious activity, receipt from property/investment, voluntary contribution (donation), incidental business income.

    • Taxable regular income Section 336-85% utilisation or accumulated under Section 342.

    • Specified income will be taxable @30%-section 337-anonymous donation beyond allowable limits, benefit to related person, income applied outside India, investment contravening clause 350, inter charity donation of accumulated income, accumulated income not applied within timelines, not applied for charitable or religious purpose etc. Table provided. 

    • Corpus as defined in Section 339 (direction from donor that it be towards corpus) is not income Section 338. 

    • Application of income section 341-normal provisions, 85% for inter charity, replenishment of corpus, return of loans when replenished or returned, nil for corpus donation etc. 

    • Accumulated income section 342-5 years, invested in modes under clause 350, repurpose allowed, no inter charity donation, in case of dissolution income transferred to similar object organisation.

    • Deemed accumulated income section 343-15% income set apart from income, invested in modes specified in section 350.

  3. Commercial Activities –section 344 for business undertaking same as section 11(4).

    • No registered NPO will take up commercial activity (except GPU) unless it is incidental and separate books maintained section 345.

    • Registered NPO carrying on GPU can do commercial activity as per the 2 provisos-it is to fulfil advancement of GPU, ceiling of 20% and separate books Section 346.

  4. Compliance section 347-350: Books of accounts, Audit, ITR, Modes of investment.

  5. Violations section 351-353: Specified violations, cancellation and accreted tax. Specified non compliance (non maintenance of books of accounts, non filing ITR, commercial receipts in excess of 20%) tax calculation as per Section 13(10) and (11) of ITA 1961.

  6. Deductions for donations Section 133 (erstwhile 80G) – conditions, registrations.

  7. Interpretation: Definitions and explanations of key terms used in the chapter include: anonymous donation (applicable only for religious institutions now), donation (VC), commercial activity, registered NPO, related (specified) person.

Doing away of FY and AY, only one unified year called Tax Year Section navigator between ITA 1961 and 2025 released by CBDT.

 

Key takeaways

  • Unified definitions for common understanding
  • No new tax
  • Existing registered entities covered in definition of word Registration
  • Accumulation provisions-no carry forward of shortfall for inter charity donation
  • 15% income set apart (deemed accumulated income) to be put in specified modes of investment
  • Commercial activity prohibited and specified for all objects except GPU. Other than GPU, only incidental business income permitted

 

Answers to Frequently Asked Questions

Source: specific FAQ for non-profits from the 
Official FAQs released by Central Board of Direct Taxes (CBDT)

Q1.Q1 WhenWhy washave the currentprovisions Income-taxrelated Actto passed?
non-profit

Ans:organisations Thebeen current Income-tax Act was enactedrevamped in 1961this and came into existence with effect from 01.04.1962. It has been amended nearly 65 times with more than 4000 amendments, year on year through Finance Acts, based on the evolving requirements of modifications in taxation policy.

Q2. What concerns have been raised regarding the Income-tax Act 1961?

Ans: Tax administrators, practitioners and taxpayers have acknowledged the contribution of the Income-tax Act, 1961 in overall tax governance and economy. However, over the time concerns have also been expressed over the accumulation of amendments, the intricate language, detailed provisions, redundancies and the heavy structure of the Income-tax Act.

Q3. What are the reasons for regular amendments in the Income Tax Act as against other Acts?Bill?

Ans: The Income-tax Act provides for exemptions to various entities including Government funded entities engaged in objects which are charitable in nature. In addition to this, specific exemption is dynamicalso legislationavailable requiringto regularentities updatingengaged in certain activities which satisfy social purposes. These entities receive donations, voluntary contributions and amendmentshave other incomes from activities which are charitable in nature. The total number of electronically filed returns of such entities till 30th November 2024 for the assessment year 2023-24 is 2,50,682. The total amount applied by such entities for charitable and religious purposes during the FY 2022-23 is Rs 10,01,572.04 crores. Therefore, it was considered necessary to reflectsimplify and consolidate all the nation’sprovisions changingrelating economic,to social,non-profit organisations for ease of understanding and politicalcompliance.

realities.
Q2 CriminalWhere and other civil laws do not undergo such frequent updating and amendments whereasare the Income-taxprovisions Act is regularly updated (on annual basis)related to reflectnon-profit theorganisations economic changes, fiscal policies, and government priorities. It, therefore, adapts to changescontained in the economy, business environments, inflation rates, income sources, and global financial trends. The government has introduced tax reforms to encourage specific sectors of the economy while balancing the same with requirements of revenue collection and widening/deepening of the tax base. Given its direct link to taxation and economic conditions, the Act needs to be more adaptable to reflect shifting economic policies, changing incomes, inflation, and emerging industries. The dynamic nature of thepresent Income-tax ActAct?
provides

Ans: itThe flexibilitypresent provisions related to accommodateregistered newnon-profit economicorganisations trends.

are

Examples:contained across the following Chapters:

  1. ToChapter promoteI: exports,Charitable specificPurpose provisionssec such as 80HH, 80HHC were brought into the statute. The same having served intended purpose have been since omitted or made inapplicable after sun set date.2(15)
  2. ToChapter promoteIII: infrastructureSections development,10(23C), section 80IA11, wassection brought12, intosection Income-tax12A, Act,section 1961.12AA, section 12AB, section 12AC & section 13
  3. SectionsChapter 80HHE,VIA: 10ASection and 10AA were introduced for facilitating software exports.80G
  4. Chapter XII: Section 80IAC115BBC, isSection yet115BBI
    5. another
  5. Chapter exampleXII ofEB: encouragingSection the115TD, start-ups.Section 115TE, Section 115TF

Q4.Q3. WhyWhat hasare the Income-tax Act 1961, become bulky over time?

Ans: The income tax law has become increasingly bulky over time,challenges with its traditional style of drafting and numerous amendments. The complexity of language in the present Act is a product of different factors. To keep pace with certain legal pronouncements, explanations and provisos were often inserted to clarify legislative intent. Changing taxation priorities also led to introduction of additional text to an otherwise simple provision. Further, certain provisions remained in the statute, despite becoming non-operational, in view of pending claims/issues from earlier years.

Q5. What simplification efforts have been made in the past?

Ans: Attempts have been made in the past, including those in 2009 and 2019 for simplification of the Income tax Act. The recommendations from these efforts, as regards policy, have been considered in the amendments carried out from time to time.

Q6. Has the present simplification exercise considered international experience of other countries who have undertaken similar exercise?

Ans: Simplification of tax laws has received attention globally. Countries have undertaken similar exercises to enhance clarity and compliance in their taxation laws.

In the UK, the process was carried out during the period 1994 to 2010 for simplifying the language. Before simplification, the UK Income and Corporation Tax Act, 1988 comprised 960 pages. However, after simplification, it was divided into five separate Acts, with their page counts increased, resulting in a more segmented but overall larger body of tax law. 

Similarly, Australia underwent a similar process during 1994 to 1997, where simplification of language also resulted in a longer tax code.

These international experiences emphasize the delicate balance between simplification and the need for clear, unambiguous legal language. Drawing from these lessons, effort has been made to focus not just on linguistic simplification but also on structural rationalization.

Q7. What is the scope of exercise undertaken for the new Income-tax Bill?

Ans: The Hon’ble Finance Minister in the budget speech in July 2024 stated that the purpose of the comprehensive review of the Income-tax Act, 1961, is to make the Act “concise, lucid, easy to read and understand”.

Q8. What ground rules are set for making the existing provisions concise, lucid, easy to read and understand?

Ans: Following ground rules have been considered for simplifying the existing provisions:

  1. The Bill proposes to eliminate redundant provisions, reducing its length by nearly half.
  2. The drafting style of the new Bill is straightforward and clear, making the provisions easier to understand by incorporating more than 57 tables compared to 18 tables in the Income-tax Act, 1961. Sub-sections and clauses have been used, instead of relying on provisos and explanations for exceptions and carve-outs. This minimises cross-references and conflict by aggregating all applicable provisions related to a single scenario in one place.
  3. All provisos (about 1200) and explanations (about 900) have been removed.
  4. The 1961 Act contains numerous cross-references to sections, sub-sections, clauses, sub-clauses, items, and sub-items, making the provisions challenging to interpret. The new Bill adopts a simplified reference system, allowing provisions to be cited by simply mentioning the section. For instance, section 133 (1)(b)(ii) in the new bill would indicate sub-clause (ii) of clause (b) of sub-section (1) of section 133 in the existing Act. This change makes the Act's language easier to understand.
  5. A significant aspect of the Bill is the elimination of the concepts of ‘previous year’ and ‘assessment year’. Prior to 1989, the concept of ‘previous year’ and ‘assessment year’ had been brought because the taxpayers could have different twelve-month previous years for each source of income. From 1st April 1989, previous year was aligned to a financial year in all cases. However, ‘assessment year’ continued to be used for various proceedings under the Act. Thus, a taxpayer was required to track two different periods,i.e., the ‘previous year’ as well as the ‘assessment year’. This presented difficulties in complying to the provisions of the Act especially for a new taxpayer who hadrelated to keepNPOs? track

    Ans: ofThe ‘previouspresent year’,provisions ‘assessmentrelated year’to asregistered wellnon-profit asorganisations ‘financialare year’.difficult to

    comprehend due to the following reasons:

    1. Since the provisions are spread across Chapters, there are several cross references.
  6. Since
    Q9.the Whetherprovisions anyrelated consultationsto registered non-profit organisations evolved with time, several amendments have been done with stakeholders, while drafting new
    bill?

    Ans: A comprehensive consultative process was undertaken for the simplification exercise. A total of 20,976 online suggestions for simplification and removal of redundancies were received, analysed and relevant suggestions were categorized into policy-related, language simplification, removal of redundant or obsolete provisions, etc. Meetings with industry and professional associations were held and field-level brainstorming sessions were held within the Income Tax Department, towards this exercise.

    At the international level, consultations were held with some of the taxation authorities that had undertaken similar exercise in the recent past, viz. the Australian Tax Office and Treasury, and the UK’s Office of Tax Simplification.

    The documents prepared in 2009 and 2019, were also referred, while undertaking the exercise. International and national guidance material such as ‘Drafting Guide for Simplification of Laws’ issued by Legislative Department, Ministry of Law and Justice, was studied for simplification of legal language.

    Q10. What processes were followed in conducting the simplification exercise?

    Ans: In additionbrought to the stakeholderpresent exercise mentioned in Q I.9, suggestions were sought from taxpayers, industry and professional associations, and field level officers of the Department. A committee of around 150 officers of the Department was actively involved in the entire exercise. The Committee prepared the draft text of various chapters, which was meticulously vetted by the Legislative Department of Ministry of Law and Justice, and consolidatedAct in the form of theExplanations finaland Bill,provisos afterwhich necessarymake approvals.

    them

    Moredifficult thanto 60,000read. man-hoursIn wereSection dedicated11 byitself, thethere teamare for13 finalisingExplanations theand new16 Bill.

    provisos.
    7. Q11. How has the readability improved in the new Bill?

    Ans:

  7. The readabilityinterplay of taxdifferent law has been improved by using simpler language, as against traditional legal language. Where multiple situations are covered, the sections have been made enumerative. Wherever feasible, extensive use of table formats has been made. TDS provisions have been presented in a tabular form. Certain provisions such as section 10, which contained about 150 clauses has been placed in Schedulesprovisos and presentedExplanations inmakes theit formquite ofdifficult tables.

    to 

    As a result of the comprehensive exercise, the size of the new Bill has reduced by about half on one hand and one the other, the provisions have been consolidated and presented in a user-friendly format.understand.

Q12.Q4 What is the treatment of numerous ‘provisos’ and ‘explanations’ and procedural aspects in the existing Act?

Ans: Provisos (more than 1200) and Explanations (more than 900) have been removed, with their simplified content placed as sub-sections or clauses. Wherever feasible, procedural aspects and specific details are proposed to be provided by way of Rules.

Q13. Have the redundant provisions of the Income-tax Act 1961 been removed in the new Income-tax Bill?

Ans: Yes. Certain provisions became redundant due to numerous amendments and/or policy changes over the years. This resulted in large number of such provisions in the Act. For example, deduction under section 10A, which was a special provision for newly established industrial undertakings in the free trade zones, is no longer available from the Assessment Year 2012-13, onwards. Such obsolete provisions have been removed from the text of the Bill. However, provisions applicable to earlier Assessment Years shall be governed by Repeal and Savings provisions.

Q14. What other steps have been taken to enhance clarity in the new Bill?

Ans: In addition to removal of ‘provisos’, ‘explanation’ and redundant provisions, formulae, tables, and structures have been used to enhance clarity in the new bill. To the extent possible, provisions involving the same issues, which were present in different chapters in the current Act, have now been consolidated. Redundancy has been removed and definitions at multiple places have been consolidated.

In case of provisions relating to Non-Profit organisations (NPOs), the entire text related to NPOs has been consolidated and structured into 7 sub-parts which contain provisions related to Registration, Income, Commercial activities, Compliances, Violations, Registrations for the purposes of eligibility of donations and Interpretations.

Q15. How have principles of Tax Certaintyapproach followed in drafting of the new Income Tax Bill?

Ans: The new Income-tax Bill is approximately half the length of the existing Income-tax Act 1961, with significant re-organisation of provisions in different sections. While undertaking simplification exercise, a conscious attempt has been made to minimise the scope of litigation and fresh interpretations. For this purpose:

  1. Key words/phrases, especially where courts have given rulings, have been retained with minimal modifications.
  2. Language has been simplified by use of short sentences to the extent possible.
  3. Sections have been translated into row or sub-rows in tables, reducing the number of words and bringing clarity.
  4. Provisions have been made clear to minimize scope for multiple interpretations. The provisos and explanations have been removed and simplified content has been placed as sub-sections and clauses.
  5. Provisions related to international taxation have been dealt with, broadly, to ensure tax certainty.
  6. NGO chapter has been made more comprehensive with use of plain language.
  7. Exemption sections, for example section 10 in the present Act, has been made simpler through tables and placing large number of provisions in Schedules.
  8. Formulae and tables have been used to enhance clarity, wherever feasible.
  9. Provisions involving same issues and definitions, which were present in different chapters in the existing Act have been consolidated, to the extent possible.

Q16. Comparison of new Bill with the 1961 Act

Chapters: There has been a significant reduction in the text of new Bill, in comparison to the existing Income Tax Act, as summarised below.

ParticularsIncome-tax Act, 1961The proposed Act
Chapters4723
Sections819*536
Words5.12 lakhs2.60 lakhs

*Effective Sections
Besides about 1200 Provisos and 900 Explanations have been removed.

Q17. What is the basis of the statement that the Income tax Act, 1961 consists of 819 sections, while the text of the Act only mentions sections till 298?

Ans: During the course of numerous amendments to the Income tax Act, 1961, several policy decisions were incorporated as separate provisions. Many a times such provisions were connected to already existing sections and accordingly the new sections were numbered in continuation to the existing sections. For example, several provisions relating to tax on special cases were inserted as sections starting with 115 series viz 115 AC,115AD, 115JB, 115VP etc. As a result of such insertions, effective sections existing in the Income tax Act, 1961 are 819.

Q18. Why does the new Bill still contain 536 sections and 2.6 lakh words?

Ans: While the existing Income-tax Act contains 298 numbered sections, effective sections in the current Act are 819. This is because other than numeric section numbers there are large number of sections with alpha-numeric codes such as 115A to 115WM (117 sections) and so on. The Income-tax Act not only deals with levy of tax but it is a comprehensive document, which encompasses all aspects of tax administration. It also includes other aspects such as:

(a) laying down the administrative framework, assigning roles and responsibilities for assessing officers, taxpayers, tax deductors, and professionals etc;
(b) setting out the framework for income determination, timelines, appellate procedures, enforcement, assessments, and penalties; and
(c) taking into account the impact of interpretations on economic policy, affecting both domestic and international investments.

The new Bill proposes 536 sections to meet the above-mentioned requirements. Further, several sections in the new Bill exist primarily to honour the commitments under the existing tax regime, including provisions relating to Minimum Alternate Tax (MAT), various deductions and exemptions, etc. These provisions will remain in force until their respective

sunset clauses take effect. Therefore, these are required to be part of new Bill to ensure a smooth
transition, while maintaining legal and policy continuity.

Q19. Whether the simplification exercise has led to no ‘material’ change?

Ans: The simplification exercise, inter-alia, encompasses following aspects:

  1. Redundant provisions of the Income tax Act have been removed;
  2. Sub-sections and clauses have been used, instead of relying on provisos and explanations for exceptions and carve-outs;
  3. Simplified system for cross referencing of sections, sub-sections, clauses etc has been used;
  4. Extensive use of tables, formulae for enhanced clarity;
  5. Consolidation of provisions scattered across various sections/ Chapters relating to a single issue; etc

Since there have been regular amendments to the Income Tax Act, 1961 including amendments proposed in Finance Bill, 2025, the Act stands updated from policy perspective. All amendments proposed upto Finance Bill 2025 have been duly incorporated in the new Income tax bill 2025. Therefore, while no major policy related changes have been made in the Bill, the above aspects have led to proposed ‘material’ changes in the existing law.

Q20. Whether any mapping of old and new sections will be available?

Ans: Section-wise mapping will be made available on the official website of the Income Tax Department.

Q21. How has 'previous year' and 'assessment year' been dealt with in the new bill?

Ans: The concept of ‘tax year’ has been introduced replacing ‘previous year’ and ‘assessment year’. The timelines and computation in the Bill are now with reference to the financial year for which the income is liable to be taxed. It is expected that the use of ‘tax year’ will make the new Bill easier to comprehend. Further, many of the comparable tax jurisdictions in the world are using one single term, for purpose of denoting the unit period of taxation. ‘Tax year’ is commonly used in many countries.

With the introduction of ‘tax year’, broadly the following principles have been adopted:

  1. ‘Tax Year’: Unit period of taxation. This term shall be referred in respect of all transactions and income for that period.
  2. ‘Financial Year’: For purposes of timelines for compliance and for procedural issues.

Q22. How have the provisions of TDS and TCS been simplified in the new bill?

Ans: TDS and TCS provisions have been made easier to comprehend by providing tables. There are separate tables for payment to residents and non-residents, and where no deduction at source is required. For example, the proposed provisions relating to TDS on rent are shown below:

2.

Rent
S. No.Nature of Income or sumPayer

Rate

Threshold limit

(i)Income by way of rentPerson other than specified person

Rate: 2%

Threshold limit: Rs. 50,000 for a month or part of a month

(Reference can be made to Table in proposed section 393 of the Bill)

Q23. What has been done to simplifyredrafting the provisions related to Non-Profitregistered
Organizations?non-profit organisations?

Ans: The following approach has been followed while redrafting the provisions related to Non-Profitnon-
profit Organizationsorganisations:

were
  1. The present atAct uses different placesterms such as trust, institution, university, educational institution, hospital etc. in different provisions. A common term registered non-profit organisation has been used in the existing Act,Bill in line with the international practices.
  2. Section 10(23C) uses the term “approval” while section 12AB uses the term “registration”. In order to avoid confusion, “registration” has been used in the Bill.
  3. All the provisions related to registered non-profit organisations have been arranged in Part B of Chapter XVII titled “B.––Special Provisions for Registered Non-Profit Organisation” which comprises provisions corresponding to present sections 11, section 12, section 12A, section 12AA, section 12AB, section 13, section 115BBC, section 115BBI, section 115TD, section 115TE, section 115TF.115TF, Theand the provisions related to approval are under the first and second proviso to section 80G80G(5) (5).of Thesethe present Income-tax Act.
  4. Redundant provisions have been simplifiedremoved.
  5. Some of the provisions have been tabulated for lucid understanding of different scenarios such as the provisions related to:
    • Application for registration;
    • Specified income and consolidatedthe tax year in which it is taxable;
    • Computation of tax on accreted income

Q5 How many words have been reduced as a result of this exercise?

Ans: As a result of the exercise, there has been a substantial reduction of the words from the approximately 12,800 words to 7,600 words.

Q6. What is the structure of the new Part? 

Ans: The following is the structure of new Part XVII-B

The entire Part related to non-profit organisations has been divided into one7 chapter.sub-parts Allwhich contain the provisions related to registeredregistration, Non-Profitincome, Organisationscommercial haveactivities, nowcompliances, beenviolations, arrangedregistrations infor Partthe Bpurposes of Chaptereligibility XVIIof titleddonations “B.––and Specialinterpretations.

Provisions
Q7 forWhat Registeredis Non-Profitthe Organisation”meaning of ‘registered non-profit organization’ which is not used in the newpresent Act?

Ans: The present Income-tax Act uses different terms such as trust, institution, university, educational institution, hospital etc. in different provisions. The term registered non-profit organisation has been defined to mean any person having a valid registration under section 12A, 12AA or 12AB or section 10 (23C) of the Income-tax Act, 1961 and such registration has not been cancelled. The use of common term ‘registered non-profit organisation’ intends tp avoid confusion and for lucid understanding of the provisions of the Bill.

 

CleanShot 2025-11-19 at 16.16.30@2x.png

Q24.Q8 What simplificationis the meaning of registration under the new provisions? Is the same word registration now used for approval as well?

Ans: Section 10(23C) uses the term “approval” while section 12AB uses the term “registration”. In order to avoid confusion, “registration” has been carried out for salaried employeesdefined in the newBill bill?to

Ans:include Allprovisional registration, provisional approval or approval, as referred to in the provisionssecond pertainingproviso to salarysections have10(23C) beenor consolidated12AB at one place for ease(1) of understandingthe soIncome-tax thatAct, 1961 and under proposed section 332 of the taxpayernew Income Tax Bill, 2025. However, it does not haveinclude approval under the second proviso to refersection to80G separate chapters for filing his return(5) of income.Income TheTax deductionsAct, which1961 were earlier allowed underor section 10354 of the Income Tax Act,1961,Bill, like2025.

gratuity,
Q9 leave encashment, commutation of pension, compensation on VRS and retrenchment compensation, are now part ofWill the salaryexisting chapterregistered itself.non-profit Someorganisations ofbe theagain allowancesrequired liketo HRAget arethemselves nowregistered provided in Schedule II ofunder the new Bill that finds reference in the provisions relating to salary. The objective was to improve readability by way of providing tables and formulas.

While the chargeability of all the perquisites has been retained in the Act, their valuation, conditions and exceptions have been shifted to Rules as they do not affect every taxpayer. Similarly, redundant and repetitive provisions have also been removed for better readability.

Q25. What changes are made to exemptions for incomes and persons?

Ans: Provisions relating to exemptions for specific incomes and persons are being moved to separate schedules for easier reference and simpler compliance as follows:

Schedule II (16 rows) – Incomes exempt such as agricultural income
Schedule III (39 rows) – Certain persons eligible for exemption on certain income such as partners of firms and HUF, etc.
Schedule IV (14 rows) – Exemptions to non-residents
Schedule V (8 rows) – Exemption to business trusts, Sovereign Wealth Funds, etc.
Schedule VI (12 rows) – Exemptions to IFSC units
Schedule VII (48 rows) – Persons exempt from tax

An example of the Schedules is given below:

Sl. No.Eligible personsConditions
ABC
1.Any regimental Fund or non-public Fund established by the armed forces of the UnionSuch Fund is for the welfare of the past and present members of the armed forces or their dependants.


Q26. What are the next steps after the new Bill is introduced?

Ans: Stage 1: Bill is passed by the Parliament and becomes an Act
Stage 2: Operational and delegated legislation framework

  1. Notification of new Rules and Forms.
  2. Simultaneous exercise of software development to set up the systems and processes for various administrative and quasi-judicial functions.

Q27. How will the old and new provisions co-exist? 

Ans: Various facets of compliance for the respective years have been mentioned in the Repeals and Savings clause in the Bill, which will safeguard all rights and liabilities accrued under the old law.

Q28. What are the changes on rates and other policy in the new bill?provisions?

Ans: There arewere notwo changesregimes relatedfor exemption of registered non-profit organisations. The first regime is contained in section 10(23C) and the second one was contained in section 11 to rates. Since there have been regular amendments to the Income Tax Act, 1961 including amendments proposed in Finance Bill, 2025, the Act stands updated from policy perspective. All amendments proposed upto Finance Bill 2025 have been duly incorporated in the new Income tax bill 2025. Therefore, while no major policy related changes have been made in the Bill, the above aspects have led to proposed ‘material’ changes in the existing law.

Q29. Why is it that on comparison of new Income Tax Bill and earlier provisions, it is found that in some cases viz ‘virtual digital assets’, etc there are certain changes?

Ans: The Income Tax Bill 2025 also contains all amendments proposed in Finance Bill 2025. Therefore, the users are advised to compare the provisions13 of the Income Tax Act, 1961,1961. asThere updatedwere withcertain proposedprovisions amendmentscommon to both the regimes that were contained in Financesection bill115BBC, 2025,115BBI, while115TD, reading115TE, the115TF Incomeand Taxsection Bill, 2025. There is, therefore, no change in the scope2(15) of ‘virtual digital asset’ under the Income Tax Bill, 2025. The definition under the Bill incorporates the amendment already proposed under the Finance Bill, 2025.

Q30. Which Chapters of the Income tax Act, 1961 have seen large reduction of words,
as a result of the simplification exercise?

Ans: As noted above, the total words in the new Income Tax Bill, 2025 are around 2.6 lakhs, as against 5.12 lakh words in the Income Tax Act, 1961. SomeThe Finance (No. 2) Act, 2024 provides that no application can be made under the first regime on or after 01st October, 2024. However, the approvals granted under the first regime shall continue to be valid for the period of their approval. They are eligible to apply for registration, subsequently, under the second regime.

As per the provisions of the ChaptersBill, whereall substantialthe reductionregistered non-profit organisations are eligible to claim benefits. The registered non-profit organisation has been defined to mean any person having a valid registration under section 12A, 12AA or 12AB or section 10 (23C) of wordsthe have been achieved are as given below:

Thus,


Income TaxIncome-tax Act, 1961 and such registration has not been cancelled. 

the Bill proposes to protect the eligibility of existing registered non-profit organisations under the first as well as the second regime.

Q10 Can you provide an example as to how the new provisions will help better understand the provisions? 

Ans: The provisions of the present Act contained several cross references. The Table in the proposed section 332(3) of the Income Tax Bill, 2025 provides the time limits for furnishing application, time limit for passing the order and the validity of registration in different cases in a very simple and lucid manner.
Q11 There is a dedicated proposed section 334 on the taxability of income of the registered non-profit organisations. Is there any additional tax proposed to be levied on the income of registered non-profit organisations?

Ans: No. Since most registered non-profit organisations apply 85% of their regular income for charitable or religious purposes, the taxable regular income in their cases shall be nil and there shall be no tax liability in their hands. However, if a registered non-profit organisation is not able to apply 85% of its regular income or accumulate the same, then regular income for such tax year as reduced by its application for charitable or religious purposes or accumulation thereof shall be its taxable regular income and chargeable to tax.

Q12 What is the concept of specified income and does it propose to tax any new income of the registered non-profit organisations? 

Ans: No. No new income is proposed to be taxed. Present Act provides taxability of income scattered in different provisions such as section 13, section 115BBC and section 115BBI for different violations. The Bill seeks to bring all such provisions at the same place.

Q13 The provisions related to capital gains under section 11(1A) have been done away with? Can you explain the rationale behind that?

Ans: Section 11(1A) of the present Income-tax Act provides that where a capital asset, being property held under trust wholly for charitable or religious purposes, is transferred and the whole or any part of the net consideration is utilised for acquiring another capital asset to be so held, then, the capital gain arising from the transfer shall be deemed to have been applied to charitable or religious purposes to the extent provided under the said section. Since the cost of acquisition of an asset for the objects of the registered non-profit organisation is considered as application of income, these provisions were redundant and therefore removed.

Q14 Provisions related to deemed application have also been done away with the Bill. Can you explain the reason for the same?

Ans: There are two types of accumulations allowed to the registered non-profit organisations. First, as per the provisions of section 11(2) accumulation is allowed for a period of five tax years. Second, deemed application is allowed as per the provisions of Explanation 1(2) to section 11(1) for certain specified reasons (generally accumulation for one year on account of non-receipt of the income). The dual provisions for accumulation were creating difficulties in implementation and interpretation. 

ReductionThe provisions related to deemed application under Explanation 1(2) to section 11(1) of wordsthe present Income-tax Act have been rationalised. This will help reducing litigation and ease the compliance. Accumulation under proposed section 342 of the Bill can be for any purpose stated in the prescribed Form.

TopicWordsTopicWords
Exemption related provision30000Exemption related provision1350016500
TDS/TCS27453TDS/TCS1460612847
Non-profit Organization12800Non-profit Organization76005200

 

Section Mapping

Section Number of Income-tax Act, 1961

Section heading as per Income-tax Act, 1961

Section number as per latest draft

1

Short title, extent and commencement.

1

2

Definitions.

2

2(15)(Proviso)

Definitions.

346

3

Previous year" defined.

3

4

Charge of income-tax.

4

5

Scope of total income.

5

5A

Apportionment of income between spouses governed by Portuguese Civil Code.

10

6

Residence in India.

6

7

Income deemed to be received.

7(1)

8

Dividend income.

7(2)

9

Income deemed to accrue or arise in India.

9

9A

Certain activities not to constitute business connection in India.

9(12)

9B

Income on receipt of capital asset or stock in trade by specified person from specified entity.

8

10

Incomes not included in total income.

11

10(1)

Agricultural income.

Schedule II(Table: S. No. 1)

10(2)

Any sum received by a member from Hindu undivided family.

Schedule III(Table: S.No 1)

10(2A)

Any sum received by a partner towards his share in the total income of the firm.

Schedule III(Table: S. No. 2)

10(4)(ii)

Any income by way of interest in NRE account.

Schedule IV(Table: S. No. 1)

10(4D)

Any income accrued or arisen to, or received, as a result of transfer of capital asset referred to in section 47 (viiiab).

Schedule VI(Table: S.No. 1)

10(4D)(b)

Any income accrued or arisen to, or received, as a result of transfer of securities (other than shares in a company resident in India).

Schedule VI(Table: S. No. 2)

10(4D)(c)10(4D)(d)

Any income from securities issued by a non-resident.

Schedule VI(Table: S. No. 3)

10(4D)(e)10(4D)(f)

Any income from a securitisation trust, which is chargeable under the head "Profits and gains of business or profession".

Schedule VI(Table: S. No. 4)

10(4E)

Any income accrued or arisen to, or received as a result of—

(a) transfer of non-deliverable forward contracts or offshore derivative instruments or over-the-counter derivatives; or

(b) distribution of income on offshore derivative instruments.

Schedule VI(Table: S. No. 5)

10(4F)

Any income by way of royalty or interest on account of lease of an aircraft or a ship in a tax year.

Schedule VI(Table: S. No.6)

10(4G)

Any income received from–– (a) portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of the non-resident; or (b) such activity carried out by such person, as may be notified by the Central Government.

Schedule VI(Table: S. No. 7)

10(4H)

Any income by way of Capital gains arising from the transfer of equity shares of domestic company.

Schedule VI(Table: S. No. 8)

10(5)

The value of any travel concession or assistance.

Schedule III(Table: S. No. 8)

10(6)

Any remuneration received for service in the capacity as an official mentioned in column (2).

Schedule IV(Table: S. No. 2)

10(6)(vi)

Any remuneration received as an employee for services rendered by him during his stay in India.

Schedule IV(Table: S. No. 3)

10(6)(viii)

Any income chargeable under the head “Salaries”, received or due as remuneration for services

rendered in connection with his employment on a foreign ship.

Schedule IV(Table: S. No. 4)

10(6)(xi)

Any remuneration received as an employee of the Government of a foreign State

Schedule IV(Table: S. No. 5)

10(6A)

Any income falling under clauses 6A, 6B, 6BB of section 10.

Schedule IV(Table: S. No.14)

10(6C)

Any income arising by way of royalty or fees for technical services.

Schedule IV(Table: S. No. 6)

10(6D)

Any income arising by way of royalty from, or fees for technical services rendered in or outside India.

Schedule IV(Table: S. No. 7)

10(7)

Any allowances or perquisites paid or allowed as such outside India by the Government.

Schedule III(Table: S. No. 9)

10(10BC)

Any amount received or receivable from the Central Government or a State Government or a local authority by way of compensation on account of any disaster.

Schedule III(Table: S. No. 3)

10(10CC)

Income in the nature of a perquisite

Schedule III(Table: S. No. 10)

10(10D)

Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy.

Schedule II(Table: S. No. 2)

10(11)

Any amount payable 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.

Schedule II(Table: S. No. 3)

10(11A)

Any payment from any account opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Promotion Act, 1873 (5 of 1873).

Schedule II(Table: S. No. 5)

10(12)

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

Schedule II(Table: S. No. 4)

10(12A)

Any payment from the National Pension System Trust.

Schedule II(Table: S. No. 6)

10(12B)

Any payment from the National Pension System Trust under the pension scheme referred to in section 80CCD.

Schedule III(Table: S. No. 4)

10(12C)

Any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme or to his nominee.

Schedule II(Table: S. No. 7)

10(13)

Any payment from an approved superannuation fund.

Schedule II(Table: S. No. 8)

10(13A)

Any special allowance from employer.

Schedule III(Table: S. No. 11)

10(14)(i)

Any special allowance or benefit.

Schedule III(Table: S. No. 12)

10(14)(ii)

Any other allowance.

Schedule III(Table: S. No. 13)

10(15)(i)

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.

Schedule II(Table: S. No. 11)

10(15)(iic)

Any interest income falling under clause (15)(iic) of section 10

Schedule III(Table: S. No. 38)

10(15)(iii)

Any interest income covered under clause (15)(iii) of section 10.

Schedule II(Table: S. No. 16)

10(15)(iiia)10(15)(iiib)10(15)(iiic)10(15(iva)10(15)(ivb)

Any interest income falling under clauses 15A, (15)(iiia), (15)(iiib), (15)(iiic), (15)(iv)(a) or (15)(iv)(b) of section 10 .

Schedule IV(Table: S. No. 14)

10(15)(iv)(c)10(15)(iv)(d)10(15)(iv)(e)10(15)(iv)(f)

Any interest income covered under clauses (15)(iv)(c), (15)(iv)(d), (15)(iv)€ and (15)(iv)(f) of section 10.

Schedule II(Table: S. No. 16)

10(15)(iv)(fa)

Any interest income falling under clause (15)(iv)(fa) of section 10.

Schedule IV(Table: S. No. 14)

10(15)(iv)(g)10(15)(iv)(h)

Any interest income covered under clauses (15)(iv)(g) and (15)(iv)(h) of section 10.

Schedule II(Table: S. No. 16)

10(15)(i)

Any interest income falling under clause 15(i) of section 10.

Schedule III(Table: S. No. 38)

10(15)(vi)

Interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by the Central Government.

Schedule II(Table: S. No. 12)

10(15)(vii)

Interest on bonds issued by a local authority or by a State Pooled Finance Entity

Schedule II(Table: S. No. 13)

10(15)(viii)

Interest received.

Schedule IV(Table: S. No. 8)

10(15)(ix)

Interest payable.

Schedule VI(Table: S. No. 12)

10(15A)

Any income falling under clauses (15A) of section 10.

Schedule IV(Table: S. No. 14)

10(15B)

Income from lease rentals, by whatever name called, of a cruise ship.

Schedule IV(Table: S. No. 9)

10(16)

Scholarships.

Schedule II(Table: S. No. 9)

10(17)

Daily allowance received.

Schedule III(Table: S. No. 5)

10(17)(ii)

Any allowance received.

Schedule III(Table: S. No. 6)

10(17)(iii)

Any constituency allowance received.

Schedule III(Table: S. No. 7)

10(17A)

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

Schedule II(Table: S. No. 10)

10(18)(i)

Pension received.

Schedule III(Table: S. No. 14)

10(18)(ii)

Family pension received.

Schedule III(Table: S. No. 15)

10(19)

Family pension received.

Schedule III(Table: S. No. 16)

10(19A)

Any income falling under clause (19A) of section 10.

Schedule III(Table: S. No. 38)

10(20)

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.

Schedule III(Table: S. No. 22)

10(21)

Any income of a research association.

Schedule III(Table: S. No. 23)

10(23A)

Any income (other than income chargeable under the head "Income from house property" or any income received for rendering any specific services or income by way of interest or dividends derived from its investments).

Schedule III(Table: S. No. 24)

10(23AA)

Any regimental Fund or Non-public Fund established by the armed forces of the Union.

Schedule VII(Table: S. No. 1)

10(23AAA)

Any fund established for such purposes as may be notified by the Board for the welfare of employees or their dependants and such employees are members of such fund.

Schedule VII(Table: S. No. 2)

10(23AAB)

Any fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 or any other insurer under a pension scheme.

Schedule VII(Table: S. No. 3)

10(23B)

Any income attributable to the business of production, sale, or marketing, of khadi or products of village industries

Schedule III(Table: S. No. 25)

10(23BB)

An authority (whether known as the Khadi and Village Industries Board or by any other name).

Schedule VII(Table: S. No. 4)

10(23BAA)

Any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central Act or State Act or Provincial Act.

Schedule VII(Table: S. No. 5)

10(23BBB)

Any income derived in India by way of interest, dividends or Capital gains from investments made

Schedule IV(Table: S. No. 10)

10(23BBC)

SAARC Fund for Regional Projects set up by Colombo Declaration.

Schedule VII(Table: S. No. 6)

10(23BBE)

Insurance Regulatory and Development Authority.

Schedule VII(Table: S. No. 7)

10(23BBG)

Central Electricity Regulatory Commission.

Schedule VII(Table: S. No. 8)

10(23BBH)

Prasar Bharati (Broadcasting Corporation of India).

Schedule VII(Table: S. No. 9)

10(23C)(i)

The Prime Minister's National Relief Fund or the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND).

Schedule VII(Table: S. No. 10)

10(23C)(ii)

The Prime Minister's Fund (Promotion of Folk Art)

Schedule VII(Table: S. No.11)

10(23C)(iii)

The Prime Minister's Aid to Students Fund.

Schedule VII(Table: S. No. 12)

10(23C)(iiia)

The National Foundation for Communal Harmony.

Schedule VII(Table: S. No. 13)

10(23C)(iiiaa)

The Swachh Bharat Kosh, set up by the Central Government.

Schedule VII(Table: S. No. 14)

10(23C)(iiiaaa)

The Clean Ganga Fund set up by the Central Government.

Schedule VII(Table: S. No. 15)

10(23C)(iiiaaaa)

The Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund in respect of any State or Union territory as referred to in section 80G(2)(a)(iiihf).

Schedule VII(Table: S. No. 16)

10(23C)(iiiab)

Any University or other educational institution wholly or substantially financed by the Government

Schedule VII(Table: S. No. 17)

10(23C)(iiiac)

Any hospital or other institution wholly or substantially financed by the Government.

Schedule VII(Table: S. No. 18)

10(23C)(iiiad)10(23C)(iii ae)

(a) Any University or other educational institution;(b) any hospital or other institution.

Schedule VII(Table: S. No. 19)

10(23D)(i)

A Mutual Fund registered under the Securities and Exchange Board of India Act, 1992.

Schedule VII(Table: S. No. 20)

10(23D)(ii)

Any Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India.

Schedule VII(Table: S. No. 21)

10(23DA)

Any income from the activity of securitisation

Schedule III(Table: S. No. 26)

10(23EA)

Any income, by way of contributions received from recognised stock exchanges and the members thereof.

Schedule III(Table: S. No. 27)

10(23EC)

Any income, by way of contributions received from commodity exchanges and the members thereof.

Schedule III(Table: S. No. 28)

10(23ED)

Any income, by way of contributions received from a depository.

Schedule III(Table: S. No. 29)

10(23EE)

(a) Any income by way of contribution received from specified persons;(b) any income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or(c) any income from investment made by the Fund.

Schedule III(Table: S. No. 30)

10(23F)

Any income falling under clauses (23F) and (23FA) of section 10

Schedule V(Table: S. No. 8)

10(23FB)

any income from investment in a venture capital undertaking .

Schedule V(Table: S. No. 6)

10(23FBA)

Any income other than the income chargeable under the head “Profits and gains of business or profession”.

Schedule V(Table: S. No. 1)

10(23FBB)

Any income referred to in section 115UB, accruing or arising to, or received being that proportion of income which is of the same nature as income chargeable under the head “Profits and gains of business or profession”.

Schedule V(Table: S. No. 2)

10(23FBC)

Any income accruing or arising to, or received from a specified fund or on transfer of units in a specified fund

Schedule VI(Table: S. No. 9)

10(23FC)

Any income by way of— (a) interest received or receivable from a special purpose vehicle; or (b) dividend received or receivable from a special purpose vehicle.

Schedule V(Table: S. No. 3)

10(23FCA)

Any income by way of renting or leasing or letting out any real estate asset owned directly by such business trust.

Schedule V(Table: S. No. 4)

10(23FD)

Any distributed income referred to in section 115UA, other than––(a) that proportion of the income which is of the same nature; or(b) interest received or receivable from a special purpose vehicle by the business trust; or(c) dividend received or receivable from a special purpose vehicle by the business trust (in a case where the special purpose vehicle has exercised the option under section 115BAA); or(d)income of a business trust by way of renting or leasing or letting out any real estate asset owned directly by such business trust.

Schedule V(Table: S. No. 5)

10(23FE)

Any income of the nature of––(a) dividend;(b) interest;(c) any sum referred to in section 56(2)(xii); or (d) long-term capital gains, arising from an investment made by a specified person in India, whether in the form of debt or share capital or unit

Schedule V(Table: S. No. 7)

10(23FF)

Any income of the nature of Capital gains, arising or received on account of transfer of share of a company resident in India.

Schedule VI(Table: S. No. 10)

10(24)

Any income chargeable under the heads “Income from house property” and “Income from other sources”

Schedule III(Table: S. No. 31)

10(25)(i)

Any interest on securities, and any capital gains of the fund arising from the sale, exchange or transfer of such securities.

Schedule III(Table: S. No. 32)

10(25)(ii)

A recognised provident fund.

Schedule VII(Table: S. No. 22)

10(25)(iii)

An approved superannuation fund.

Schedule VII(Table: S. No. 23)

10(25)(iv)

An approved gratuity fund.

Schedule VII(Table: S. No. 24)

10(25)(v)

Deposit-linked Insurance Fund established under section 3G of the Coal Mines Provident Funds and Miscellaneous Provisions Act.

Schedule VII(Table: S. No. 25)

10(25)(v)(b)

Deposit-linked Insurance Fund established under section 6C of Employees' Provident Funds and Miscellaneous Provisions Act

Schedule VII(Table: S. No. 26)

10(25A)

Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act.

Schedule VII(Table: S. No. 27)

10(26)

Any income which accrues or arises— (a) from any source in the areas or States mentioned in column (3), or (b) by way of dividend or interest on securities;

Schedule III(Table: S. No. 19)

10(26AAA)

Any income which accrues or arises— (a) from any source in the State of Sikkim; or (b) by way of dividend or interest on securities.

Schedule III(Table: S. No. 20)

10(26AAB)

An agricultural produce market committee or board constituted under any law

Schedule VII(Table: S. No. 28)

10(26B)

A corporation established by a Central Act or State Act or Provincial Act or of any other body, institution or association (being a body, institution or association wholly financed by the Government).

Schedule VII(Table: S. No. 29)

10(26BB)

A corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community

Schedule VII(Table: S. No. 30)

10(26BBB)

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.

Schedule VII(Table: S. No. 31)

10(27)

Any co-operative society formed for promoting the interests of the members of either the Scheduled Castes or Scheduled Tribes, or both

Schedule VII(Table: S. No. 32)

10(29A)(a)

Coffee Board constituted under section 4 of the Coffee Act, 1942.

Schedule VII(Table: 33)

10(29A)(b)

Rubber Board constituted under section 4(1) of the Rubber Board Act, 1947.

Schedule VII(Table: 34)

10(29A)( c)

Tea Board established under section 4 of the Tea Act, 1953.

Schedule VII(Table: S. No. 5)

10(29A)(d)

Tobacco Board constituted under the Tobacco Board Act, 1975.

Schedule VII(Table: S. No. 36)

10(29A)( e)

Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972.

Schedule VII(Table: S. No. 37)

10(29A)(f)

Agricultural and Processed Food Products Export Development Authority established under section 4 of the Agricultural and Processed Food Products Export Development Act, 1985

Schedule VII(Table: S. No. 38)

10(29A)(g)

Spices Board constituted under section 3(1) of the Spices Board Act, 1986.

Schedule VII(Table: S. No. 39)

10(29A)(h)

New Pension System Trust established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882.

Schedule VII(Table: S. No. 40)

10(30)10(31)

The amount of any subsidy received from or through the concerned Board under a scheme

Schedule III(Table: S. No. 21)

10(32)

Any income includible in the total income under section 64(1A).

Schedule III(Table: S. No. 17)

10(33)

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).

Schedule II(Table: S. No. 14)

10(34B)

Any income by way of dividends from a company being a Unit of an International Financial Services Centre primarily engaged in the business of leasing of an aircraft

Schedule VI(Table: S. No. 11)

10(36)

Any income covered under clause (36)of section 10.

Schedule II(Table: S. No. 16)

10(37)

Any income chargeable under the head "Capital gains" arising from the transfer of agricultural land.

Schedule III(Table: S. No. 18)

10(39)

Any income of the nature and to the extent, arising from the international sporting event held in India.

Schedule III(Table: S. No. 33)

10(40)

Any income falling under clause (40) of section 10 .

Schedule III(Table: S. No. 38)

10(42)

Any income, of the nature and to the extent, which the Central Government may notify in this behalf.

Schedule III(Table: S. No. 34)

10(43)

Any amount received as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage referred to in section 47(xvi).

Schedule III(Table: S. No. 35)

10(44)

New Pension System Trust established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882

Schedule VII(Table: S. No. 41)

10(46)

Any income of the nature and to the extent which the Central Government may, by notification, specify in this behalf.

Schedule III(Table: S. No. 36)

10(46A)

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, namely:-
(a) dealing with and satisfying the need for housing accommodation;

(b) planning, development or improvement 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.

Schedule VII(Table: S. No. 42)

10(46B)(i)

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

Schedule VII(Table: S. No. 43)

10(46B)(ii)

A credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited.

Schedule VII(Table: S. No. 44)

10(46B)(iii)

Credit Guarantee Fund Trust for Micro and Small Enterprises, being a trust created by the Central Government and the Small Industries Development Bank of India established under sub section (1) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989)

Schedule VII(Table: S. No. 45)

10(47)

An infrastructure debt fund.

Schedule VII(Table: S. No. 46)

10(48)

Any income received in India in Indian currency.

Schedule IV(Table: S. No. 11)

10(48A)

Any income accruing or arising on account of storage of crude oil in a facility in India and sale of such crude oil to any person resident in India.

Schedule IV(Table: S. No.12)

10(48B)

Any income accruing or arising to on account of sale of leftover stock of crude oil, if any, from the facility in India after the expiry of the agreement or arrangement referred to against serial number 12 or on termination of the said agreement or arrangement

Schedule IV(Table: S. No. 13)

10(48C)

Any income accruing or arising as a result of arrangement for replenishment of crude oil stored in its storage facility in pursuance of the directions of the Central Government in this behalf.

Schedule III(Table: S. No. 37)

10(48D)

An institution established for financing the infrastructure and development set up under an Actof Parliament

Schedule VII(Table: S. No. 47)

10(48E)

A developmental financing institution, licensed by the Reserve Bank of India under an Act ofParliament referred to against serial number 47.

Schedule VII(Table: S. No. 48)

10(50)(i)

Any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 comes into force and chargeable to equalisation levy under that Chapter.

Schedule II(Table: S. No. 15)

10A

Special provision in respect of newly established undertakings in free trade zone, etc.

Redundant

10AA

Special provisions in respect of newly established Units in Special Economic Zones.

144

10B

Special provisions in respect of newly established hundred per cent export-oriented undertakings.

Redundant

10BA

Special provisions in respect of export of certain articles or things.

Redundant

10BB

Meaning of computer programmes in certain cases.

Redundant

10C

Special provision in respect of certain industrial undertakings in North-Eastern Region.

Redundant

11(1)(a)

Income from property held for charitable or religious purposes.

336

11(1)(b)

Income from property held for charitable or religious purposes.

336

11(1)(c)

Income from property held for charitable or religious purposes.

338(a)

11(1)(d)

Income from property held for charitable or religious purposes.

338(b)

11(1)(d)

Income from property held for charitable or religious purposes.

339

11(1)(Explanation)(1)(1)

Income from property held for charitable or religious purposes.

335(c)

11(1)(Explanation)(1)(2)

Income from property held for charitable or religious purposes.

Omitted

11(1)(Explanation)(2)

Income from property held for charitable or religious purposes.

341(1)(c)

11(1)(Explanation)(3)

Income from property held for charitable or religious purposes.

341(1)(a)(iii)

11(1)(Explanation)(3A)

Income from property held for charitable or religious purposes.

340

11(1)(Explanation)(3B)

Income from property held for charitable or religious purposes.

337(Table: S. No. 5)

11(1)(Explanation)(4)(i)

Income from property held for charitable or religious purposes.

341(4)

11(1)(Explanation)(4)(i)

(Proviso)

Income from property held for charitable or religious purposes.

341(2)(a)

11(1)(Explanation)(4)(ii)

Income from property held for charitable or religious purposes.

341(4)

11(1)(Explanation)(4)(ii)

(Proviso)

Income from property held for charitable or religious purposes.

341(2)(b)

11(1)(Explanation)(4)(iii)

Income from property held for charitable or religious purposes.

341(1)(b)

11(1)(Explanation)(5)

Income from property held for charitable or religious purposes.

341(3)(b)

11(1A)

Income from property held for charitable or religious purposes.

Omitted

11(1B)

Income from property held for charitable or religious purposes.

Omitted

11(2)((a)

Income from property held for charitable or religious purposes.

342(1)

11(2)(b)

Income from property held for charitable or religious purposes.

342(4)

11(2)(c)

Income from property held for charitable or religious purposes.

342(1)

11(2)(Proviso)

Income from property held for charitable or religious purposes.

342(3)

11(2)(Explanation)

Income from property held for charitable or religious purposes.

342(2)

11(3)(a)

Income from property held for charitable or religious purposes.

337(Table: S. No. 6)

11(3)(b)

Income from property held for charitable or religious purposes.

337(Table: S. No. 4)

11(3)(c)

Income from property held for charitable or religious purposes.

337(Table: S. No. 8)

11(3)(d)

Income from property held for charitable or religious purposes.

337(Table: S. No.9)

11(3A)

Income from property held for charitable or religious purposes.

342(5)

11(3A)

Income from property held for charitable or religious purposes.

342(6)

11(3A)(1st Proviso)

Income from property held for charitable or religious purposes.

342(2)

11(3A)(2nd Proviso)

Income from property held for charitable or religious purposes.

342(7)

11(4)

Income from property held for charitable or religious purposes.

344

11(4A)

Income from property held for charitable or religious purposes.

345

11(5)

Income from property held for charitable or religious purposes.

350

11(6)

Income from property held for charitable or religious purposes.

341(3)(a)

11(7)

Income from property held for charitable or religious purposes.

333

11(Explanation)

Income from property held for charitable or religious purposes.

341(1)(a)(i)

12(1)

Income of trusts or institutions from contributions.

335(c)

12(2)

Income of trusts or institutions from contributions.

337(Table: S. No. 2)

12(3)

Income of trusts or institutions from contributions.

Redundant

12A(1)(ac)

Conditions for applicability of sections 11 and 12.

332(3)

12A(1)(ac)(Proviso)

Conditions for applicability of sections 11 and 12.

332(4)

12A(1)(ac)(Proviso)

Conditions for applicability of sections 11 and 12.

332(9)

12A(1)(b)

Conditions for applicability of sections 11 and 12.

347

12A(1)(b)

Conditions for applicability of sections 11 and 12.

348

12A(1)(ba)

Conditions for applicability of sections 11 and 12.

349

12A(2)

Conditions for applicability of sections 11 and 12.

332(3)

12AA

Procedure for registration.

Omitted

12AB(1)

Procedure for fresh registration.

332(7)

12AB(2)

Procedure for fresh registration.

Redundant

12AB(3)

Procedure for fresh registration.

332(3)

12AB(4)

Procedure for fresh registration.

351(2)

12AB(4)(Explanation)

Procedure for fresh registration.

351(1)

12AB(5)

Procedure for fresh registration.

351(3)

12AC

Merger of charitable trusts or institutions in certain cases.

352(5)(Table: Sl. No. 8.B)
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