Section 10(23D) to 10(50) - Incomes not included in total income [Clause (23D) to Clause (50)] - Income-tax Act, 1961

Previous First Incomes not included in total income [Clause (23D) to Clause (50)] 1 [ (23D) 2 [ 3 [ 4 [ 109 [ **** ] any income of ]-] (i) a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder; (ii) such other Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf. ] Explanation .-For the purposes of this clause,- (a) the expression public sector bank means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) 69 [ and a bank included in the category 'other public sector banks' by the Reserve Bank of India ] ; (b) the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); ] 5 [ (c) the expression Securities and Exchange Board of India shall have the meaning assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); ] 75 [(23DA) any income of a securitisation trust from the activity of securitisation. Explanation.-For the purposes of this clause,- (a) securitisation shall have the same meaning as assigned to it,- (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or 91 [ (ia) in clause (z) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); or ] (ii) under the guidelines on securitisation of standard assets issued by the Reserve Bank of India; (b) securitisation trust shall have the meaning assigned to it in the Explanation below 92 [section 115TCA] ] (23E) 6 [****] 7 [ (23EA) any income 8 [, by way of contributions received from recognised stock exchanges and the members thereof ,] of such Investor Protection Fund set up by recognised stock exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part, with a recognised stock exchange, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall accordingly be chargeable to income-tax; ] 137 [ **** ] 67 [(23EC) any income, by way of contributions received from commodity exchanges and the members thereof, of such Investor Protection Fund set up by commodity exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the said Fund and not charged to income-tax during any previous 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 previous year in which such amount is so shared and shall accordingly be chargeable to income-tax. ] Explanation.- For the purposes of this clause, commodity exchange shall mean a registered association as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) ; ] 76 [(23ED) any income, by way of contributions received from a depository, of such Investor Protection Fund set up in accordance with the regulations by a depository as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with a depository, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.-For the purposes of this clause,- (i) depository shall have the same meaning as assigned to it in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); (ii) regulations means the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996) ] 85 [(23EE) any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.-For the purposes of this clause,- (i) recognised clearing corporation shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956) 147 [ or clause (n) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 ] . (ii) regulations means the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956) 148 [ or the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 ] . (iii) specified income shall mean,- (a) the income by way of contribution received from specified persons; (b) the income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or (c) the income from investment made by the Fund; (iv) specified person shall mean,- (a) any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund; and (b) any recognised stock exchange being a shareholder in such recognised clearing corporation or a contributor to the Core Settlement Guarantee Fund; and (c) any clearing member contributing to the Core Settlement Guarantee Fund; ] 11 [(23F) any income by way of dividends or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking : Provided that such venture capital fund or venture capital company is approved for the purposes of this clause by the prescribed authority in accordance with the rules made in this behalf and satisfies the prescribed conditions : Provided further that any approval by the prescribed authority shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the order of approval : 12 [Provided also that nothing contained in this clause shall apply in respect of any investment made after the 31st day of March, 1999. ] 13 [ * * * ] 14 [ * * * ] Explanation .-For the purposes of this clause,- (a) venture capital fund means such fund, operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), established to raise monies by the trustees for investments mainly by way of acquiring equity shares of a venture capital undertaking in accordance with the prescribed guidelines; (b) venture capital company means such company as has made investments by way of acquiring equity shares of venture capital undertakings in accordance with the prescribed guidelines; 15 [ (c) venture capital undertaking means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of generation or generation and distribution of electricity or any other form of power or engaged in the business of providing telecommunication services or in the business of developing, maintaining and operating any infrastructure facility or engaged in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf; and (d) infrastructure facility means a road, highway, bridge, airport, port, rail system, a water supply project, irrigation project, sanitation and sewerage system or any other public facility of a similar nature as may be notified by the Board in this behalf in the Official Gazette and which fulfils the conditions specified in sub-section (4A) of section 80-IA; ] 16 [(23FA) any income by way of dividends 17 [ , other than dividends referred to in section 115-O ], or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking : Provided that such venture capital fund or venture capital company is approved, for the purposes of this clause, by the Central Government on an application made to it in accordance with the rules made in this behalf and which satisfies the prescribed conditions : Provided further that any approval by the Central Government shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the order of approval : 18 [Provided also that nothing contained in this clause shall apply in respect of any investment made after the 31st day of March, 2000 .] Explanation .-For the purposes of this clause,- (a) venture capital fund means such fund, operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), established to raise monies by the trustees for investments mainly by way of acquiring equity shares of a venture capital undertaking in accordance with the prescribed guidelines; (b) venture capital company means such company as has made investments by way of acquiring equity shares of venture capital undertakings in accordance with the prescribed guidelines; and (c) venture capital undertaking means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the- (i) business of- (A) software; (B) information technology; (C) production of basic drugs in the pharmaceutical sector; (D) bio-technology; (E) agriculture and allied sectors; or (F) such other sectors as may be notified by the Central Government in this behalf; or (ii) production or manufacture of any article or substance for which patent has been granted to the National Research Laboratory or any other scientific research institution approved by the Department of Science and Technology ;] 19 [(23FB) any income of a venture capital company or venture capital fund 20 [ set up to raise funds for investment ] in a venture capital undertaking. 86 [Provided that nothing contained in this clause shall apply in respect of any income of a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB, of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2016;] 77 [Explanation.-For the purposes of this clause,- (a) venture capital company means a company which- (A) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (B) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (hereinafter referred to as the Alternative Investment Funds Regulations) made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and which fulfils the following conditions, namely:- (i) it is not listed on a recognised stock exchange; (ii) it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; and (iii) it has not invested in any venture capital undertaking in which its director or a substantial shareholder (being a beneficial owner of equity shares exceeding ten per cent of its equity share capital) holds, either individually or collectively, equity shares in excess of fifteen per cent of the paid-up equity share capital of such venture capital undertaking; (b) venture capital fund means a fund- (A) operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), which- (I) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Venture Capital Funds Regulations; or (II) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund under the Alternative Investment Funds Regulations 149 [ or as referred to in sub-regulation (2) of regulation 18 of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019, ] and which fulfils the following conditions, namely:- (i) it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; (ii) it has not invested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of fifteen per cent of the paid-up equity share capital of such venture capital undertaking; 150 [ **** ] (iii) the units, if any, issued by it are not listed in any recognised stock exchange; 151 [ and ] 152 [ (iv) any other condition as may be prescribed; or ] (B) operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); (c) venture capital undertaking means- (i) a venture capital undertaking as defined in clause (n) of regulation 2 of the Venture Capital Funds Regulations; or (ii) a venture capital undertaking as defined in clause (aa) of sub-regulation (1) of regulation 2 of the Alternative Investment Funds Regulations] 87 [(23FBA) any income of an investment fund other than the income chargeable under the head Profits and gains of business or profession ; (23FBB) any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the same nature as income chargeable under the head Profits and gains of business or profession . Explanation.-For the purposes of clauses (23FBA) and (23FBB), the expression investment fund shall have the meaning assigned to it in clause (a) of the Explanation 1 to section 115UB; ] 118 [ (23FBC) any income accruing or arising to, or received by, a unit holder from a specified fund or on transfer of units in a specified fund. Explanation.-For the purposes of this clause, the expressions- (a) specified fund shall have the same meaning as assigned to it in clause (c) of the Explanation to clause (4D); (b) unit means beneficial interest of an investor in the fund and shall include shares or partnership interests. ] 82 [(23FC) any income of a business trust 93 [by way of- (a) interest received or receivable from a special purpose vehicle; or (b) dividend 110 [ received or receivable from a special purpose vehicle ] ] Explanation.-For the purposes of this clause, the expression special purpose vehicle means an Indian company in which the business trust holds controlling interest and any specific percentage of shareholding or interest, as may be required by the regulations under which such trust is granted registration; 88 [(23FCA) any income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust. Explanation.-For the purposes of this clause, the expression real estate asset shall have the same meaning as assigned to it in clause (zj) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);] (23FD) any distributed income, referred to in section 115UA, received by a unit holder from the business trust, not being that proportion of the income which is of the same nature as the income referred to 111 [ in sub-clause (a) of clause (23FC) or sub-clause (b) of said clause (in a case where the special purpose vehicle has exercised the option under section 115BAA) ] 89 [or clause (23FCA)];] 112 [(23FE) any income of a specified person in the nature of dividend, 138 [ interest, any sum referred to in clause (xii) of sub-section (2) of section 56 ] or long-term capital gains arising from an investment made by it in India, whether in the form of debt or share capital or unit, if the investment (i) is made on or after the 1st day of April, 2020 but on or before the 31st day of March, 146 [ 2025 ] ; (ii) is held for at least three years; and (iii) is in- (a) a business trust referred to in sub-clause (i) of clause (13A) of section 2; or (b) a company or enterprise or an entity carrying on the business of developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility as defined in the Explanation to clause (i) of sub-section (4) of section 80-IA or such other business as the Central Government may, by notification in the Official Gazette, specify in this behalf; or (c) a Category-I or Category-II Alternative Investment Fund regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992,(15 of 1992.) having 122 [ not less than fifty per cent. ] investment in one or more of the company or enterprise or entity referred to in item (b) 123 [ or item (d) or item (e) or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2; or ] : 124 [ (d) a domestic company, set up and registered on or after the 1st day of April, 2021, having minimum seventy-five per cent. investments in one or more of the companies or enterprises or entities referred to in item (b); or (e) a non-banking financial company registered as an Infrastructure Finance Company as referred to in notification number RBI/2009-10/316 issued by the Reserve Bank of India or in an Infrastructure Debt Fund, a non-banking finance company, as referred to in the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011, issued by the Reserve Bank of India, having minimum ninety per cent. lending to one or more of the companies or enterprises or entities referred to in item (b): ] Provided that if any difficulty arises regarding interpretation or implementation of the provisions of this clause, the Board may, with the approval of the Central Government, issue guidelines for the purpose of removing the difficulty: Provided further that every guideline issued under the first proviso, shall be laid before each House of Parliament and shall be binding on the income-tax authority and the specified person: Provided also that where any income has not been included in the total income of the specified person due to the provisions of this clause, and subsequently during any previous year the specified person fails to satisfy any of the conditions of this clause so that the said income would not have been eligible for such non-inclusion, such income shall be chargeable to income-tax as the income of the specified person of that previous year. 125 [Provided also that in case a Category-I or Category-II Alternative Investment Fund referred to in item (c) of sub-clause (iii) has investment of less than one hundred per cent. in one or more of the companies or enterprises or entities referred to in item (b) or item (d) or item (e) of the said subclause or in an Infrastructure Investment Trust referred to in item (c) of the said sub-clause, income accrued or arisen or received or attributable to such investment, directly or indirectly, which is exempt under this clause shall be calculated proportionately to that investment made in one or more of the companies or enterprises or entities referred to in item (b) or item (d) or item (e) of the said sub-clause or in the Infrastructure Investment Trust referred to in item (c) of the said sub-clause, in such manner as may be prescribed: Provided also that in case a domestic company referred to in item (d) of sub-clause (iii) has investment of less than one hundred per cent. in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, income accrued or arisen or received or attributable to such investments, directly or indirectly, which is exempt under this clause shall be calculated proportionately to the investment made in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, in such manner as may be prescribed: Provided also that in case a non-banking finance company registered as an Infrastructure Finance Company or Infrastructure Debt Fund, referred to in item (e) of sub-clause (iii), has lending of less than one hundred per cent. in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, income accrued or arisen or received or attributable to such lending, directly or indirectly, which is exempt under this clause shall be calculated proportionately to the lending made in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, in such manner as may be prescribed: Provided also that in case a sovereign wealth fund or pension fund has loans or borrowings, directly or indirectly, for the purposes of making investment in India, such fund shall be deemed to be not eligible for exemption under this clause. ] 126 [Explanation 1] .-For the purposes of this clause, specified person means (a) a wholly owned subsidiary of the Abu Dhabi Investment Authority which (i) is a resident of the United Arab Emirates; and (ii) makes investment, directly or indirectly, out of the fund owned by the Government of the 119 [ Abu Dhabi ] ; (b) a sovereign wealth fund which satisfies the following conditions, namely: (i) it is wholly owned and controlled, directly or indirectly, by the Government of a foreign country; (ii) it is set up and regulated under the law of such foreign country; (iii) the earnings of the said fund are credited either to the account of the Government of that foreign country or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person; (iv) the asset of the said fund vests in the Government of such foreign country upon dissolution; 127 [Provided that the provisions of sub-clauses (iii) and (iv) shall not apply to any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India; ] (v) it does not 128 [ participate in the day to day operations of investee but the monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director shall not be considered as participation in the day to day operations of the investee ] ; and (vi) it is specified by the Central Government, by notification in the Official Gazette, for this purpose 120 [ and fulfils conditions specified in such notification ] ; (c) a pension fund, which- (i) is created or established under the law of a foreign country including the laws made by any of its political constituents being a province, state or local body, by whatever name called; (ii) is not liable to tax in such foreign country 129 [ or if liable to tax, exemption from taxation for all its income has been provided by such foreign country ] ; (iii) satisfies such other conditions as may be 130 [ prescribed; ] 131 [ (iiia) it does not participate in the day to day operations of investee but the monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director shall not be considered as participation in day to day operations of the investee; and ] (iv) is specified by the Central Government, by notification in the Official Gazette, 121 [ for this purpose and fulfils conditions specified in such notification ] ; ] 132 [Explanation 2. - For the purposes of this clause, (i) investee means a business trust, or a company, or an enterprise, or an entity, or a Category I or Category II Alternative Investment Fund, or an Infrastructure Investment Trust or a domestic company, or an Infrastructure Finance Company or an Infrastructure Debt Fund referred to in item (e) of sub-clause (iii), in which the sovereign wealth fund or the pension fund, as the case may be, has made the investment, directly or indirectly, under the provisions of this clause; (ii) loan and borrowing means- (a) any loan taken or borrowing by a sovereign wealth fund from, or any deposit or investment made in a sovereign wealth fund by, any person other than the Government of the country in which the sovereign wealth fund is set up; (b) any loan taken or borrowing by a pension fund from or any deposit or investment made in a pension fund by, any person but shall not include the deposit or investment which represents statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be. Explanation 3 . For the purposes of this clause, the Central Government may prescribe that the method of calculation of fifty per cent. referred to in item (c) or seventy-five per cent. referred to in item (d) or ninety per cent. referred to in item (e), of sub-clause (iii) shall be such as may be prescribed; ] 133 [ (23FF) any income of the nature of capital gains, arising or received by a non-resident or a specified fund, which is on account of transfer of share of a company resident in India, by the resultant fund or a specified fund to the extent attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) in such manner as may be prescribed, and such shares were transferred from the original fund, or from its wholly owned special purpose vehicle, to the resultant fund in relocation, and where capital gains on such shares were not chargeable to tax if that relocation had not taken place. Explanation . For the purposes of this clause,- (a) the expressions original fund , relocation and resultant fund shall have the meanings respectively assigned to them in the Explanation to clause (viiac) and clause (viiad) of section 47; (b) the expression specified fund shall have the meaning assigned to it in clause (c) of the Explanation to clause (4D) of section 10; ] 24 [ *** ] (23G) 25 [***] 26 [(24) any income chargeable under the heads Income from house property and Income from other sources of- (a) a registered union within the meaning of the Trade Unions Act, 1926 (16 of 1926), formed primarily for the purpose of regulating the relations between workmen and employers or between workmen and workmen; (b) an association of registered unions referred to in sub-clause (a); ] (25) (i) interest on securities which are held by, or are the property of, any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies, and any capital gains of the fund arising from the sale, exchange or transfer of such securities; (ii) any income received by the trustees on behalf of a recognised provident fund; (iii) any income received by the trustees on behalf of an approved superannuation fund; 27 [ (iv) any income received by the trustees on behalf of an approved gratuity fund;] 28 [ (v) any income received- (a) by the Board of Trustees constituted under the Coal Mines Provident Funds and Miscellaneous Provisions Act, 1948 (46 of 1948), on behalf of the Deposit-linked Insurance Fund established under section 3G of that Act; or (b) by the Board of Trustees constituted under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), on behalf of the Deposit-linked Insurance Fund established under section 6C of that Act; ] 29 [(25A) any income of the Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948); ] 30 [(26) in the case of a member of a Scheduled Tribe as defined in clause (25) of article 366 of the Constitution, residing in any area specified in Part I or Part II of the Table appended to paragraph 20 of the Sixth Schedule to the Constitution or in the 31 [ States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura ] or in the areas covered by notification No. TAD/R/35/50/109, dated the 23rd February, 1951, issued by the Governor of Assam under the proviso to sub-paragraph (3) of the said paragraph 20 [ as it stood immediately before the commencement of the North-Eastern Areas (Reorganisation) Act, 1971 (81 of 1971) ] 32 [ or in the Ladakh region of the State of Jammu and Kashmir ] , any income which accrues or arises to him,- (a) from any source in the areas 33 [ or States aforesaid ], or (b) by way of dividend or interest on securities ;] (26A) 139 [ **** ] (26AA) 39 [ * * * ] 140 [ (26AAA) in case of an individual, being a Sikkimese, any income which accrues or arises to him (a) from any source in the state of Sikkim; or (b) by way of dividend or interest on securities. Explanation. For the purposes of this clause Sikkimese shall mean (i) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (hereinafter referred to as the Register of Sikkim Subjects ), immediately before the 26th day of April, 1975; or (ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/90- I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of such individual s father or husband or paternal grand-father or brother from the same father has been recorded in that register; or (iv) any other individual, whose name does not appear in the Register of Sikkim Subjects but it is established that such individual was domiciled in Sikkim on or before the 26th day of April, 1975; or (v) any other individual, who was not domiciled in Sikkim on or before the 26th day of April, 1975, but it is established beyond doubt that such individual s father or husband or paternal grand-father or brother from the same father was domiciled in Sikkim on or before the 26th day of April, 1975; ] 64 [ (26AAB) any income of an agricultural produce market committee or board constituted under any law for the time being in force for the purpose of regulating the marketing of agricultural produce;] 40 [(26B) any income of a corporation established by a Central, State or Provincial Act or of any other body, institution or association (being a body, institution or association wholly financed by Government) where such corporation or other body or institution or association has been established or formed for promoting the interests of the 41 [ members of the Scheduled Castes or the Scheduled Tribes or backward classes or of any two or all of them ]. 42 [Explanation. -For the purposes of this clause,- (a) Scheduled Castes and Scheduled Tribes shall have the meanings respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; (b) backward classes means such classes of citizens, other than the Scheduled Castes and the Scheduled Tribes, as may be notified- (i) by the Central Government; or (ii) by any State Government, as the case may be, from time to time; ] 43 [(26BB) any income of a corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. Explanation .-For the purposes of this clause, minority community means a community notified as such by the Central Government in the Official Gazette in this behalf ;] 44 [(26BBB) any income of a corporation established by a Central, State or Provincial Act for the welfare and economic upliftment of ex-servicemen being the citizens of India. Explanation .-For the purposes of this clause, ex-serviceman means a person who has served in any rank, whether as combatant or non-combatant, 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) for a continuous period of not less than six months after attestation and has been released, otherwise than by way of dismissal or discharge on account of misconduct or inefficiency, and in the case of a deceased or incapacitated ex-serviceman includes his wife, children, father, mother, minor brother, widowed daughter and widowed sister, wholly dependant upon such ex-serviceman immediately before his death or incapacitation; ] 45 [(27) any income of a co-operative society formed for promoting the interests of the members of either the Scheduled Castes or Scheduled Tribes or both referred to in clause (26B) : Provided that the membership of the co-operative society consists 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; ] (28) 46 [ * * * ] (29) 47 [***] 48 [(29A) any income accruing or arising to- (a) the Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later; (b) the Rubber Board constituted under sub-section (1) of section 4 of the Rubber Board Act, 1947 (24 of 1947) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later; (c) the Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later; (d) the Tobacco Board constituted under the Tobacco Board Act, 1975 (4 of 1975) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1975 or the previous year in which such Board was constituted, whichever is later; (e) the Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972 (13 of 1972) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1972 or the previous year in which such Authority was constituted, whichever is later; (f) the 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) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1985 or the previous year in which such Authority was constituted, whichever is later; (g) the Spices Board constituted under sub-section (1) of section 3 of the Spices Board Act, 1986 (10 of 1986) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1986 or the previous year in which such Board was constituted, whichever is later; ] 65 [(h) the Coir Board established under section 4 of the Coir Industry Act, 1953 (45 of 1953);] 49 [(30) in the case of an assessee who carries on the business of growing and manufacturing tea in India, the amount of any subsidy received from or through the Tea Board under any such scheme for replantation or replacement of tea bushes 50 [ or for rejuvenation or consolidation of areas used for cultivation of tea ] as the Central Government may, by notification in the Official Gazette, specify: Provided that the assessee furnishes to the 51 [ Assessing ] Officers, along with his return of income for the assessment year concerned or within such further time as the 52 [ Assessing ] Officers may allow, a certificate from the Tea Board as to the amount of such subsidy paid to the assessee during the previous year. Explanation .-In this clause, Tea Board means the Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953); ] 53 [(31) in the case of an assessee who carries on the business of growing and manufacturing rubber, coffee, cardamom or such other commodity in India, as the Central Government may, by notification in the Official Gazette, specify in this behalf, the amount of any subsidy received from or through the concerned Board under any such scheme for replantation or replacement of 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 rubber, coffee, cardamom or such other commodity as the Central Government may, by notification in the Official Gazette, specify: Provided that the assessee furnishes to the Assessing Officer, along with his return of income for the assessment year concerned or within such further 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 previous year. Explanation .-In this clause, concerned Board means,- (i) in relation to rubber, the Rubber Board constituted under section 4 of the Rubber Act, 1947 (24 of 1947), (ii) in relation to coffee, the Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942), (iii) in relation to cardamom, the Spices Board constituted under section 3 of the Spices Board Act, 1986 (10 of 1986), (iv) in relation to any other commodity specified under this clause, any Board or other authority established under any law for the time being in force which the Central Government may, by notification in the Official Gazette, specify in this behalf ;] 54 [(32) in the case of an assessee referred to in sub-section (1A) of section 64, any income includible in his total income under that sub-section, to the extent such income does not exceed one thousand five hundred rupees in respect of each minor child whose income is so includible ;] 55 [(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)and where the transfer of such asset takes place on or after the 1st day of April, 2002 ;] 56 [(34) any income by way of dividends referred to in section 115-O. 95 [ Provided that nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA; ] 113 [Provided further that nothing contained in this clause shall apply to any income by way of dividend received on or after the 1st day of April, 2020 other than the dividend on which tax under section 115-O and section 115BBDA, wherever applicable, has been paid; ] 71 [***] 78 [ (34A) any income arising to an assessee, being a shareholder, on account of buy back of shares 108 [****] by the company as referred to in section 115QA] 153 [Provided tha t this clause shall not apply with respect to any buy back of shares by a company on or after the 1st day of October, 2024. ] 141 [ (34B) any income of a unit of any International Financial Services Centre, primarily engaged in the business of leasing of an aircraft, by way of dividends from a company being a unit of any International Financial Services Centre primarily engaged in the business of leasing of an aircraft. Explanation. For the purposes of this clause, International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005) ; ] (35) any income by way of,- (a) income received in respect of the units of a Mutual Fund specified under clause (23D); or (b) income received in respect of units from the Administrator of the specified undertaking; or (c) income received in respect of units from the specified company: Provided that this clause shall not apply to any income arising from transfer of units of the Administrator of the specified undertaking or of the specified company or of a mutual fund, as the case may be. 114 [Provided further that nothing contained in this clause shall apply to any income in respect of units received on or after the 1st day of April, 2020; ] Explanation .-For the purposes of this clause,- (a) Administrator means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002); (b) specified company means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002); 79 [ (35A) any income by way of distributed income referred to in section 115TA received from a securitisation trust by any person being an investor of the said trust. 96 [ Provided that nothing contained in this clause shall apply to any income by way of distributed income referred to in the said section, received on or after the 1st day of June, 2016. ] Explanation.-For the purposes of this clause, the expressions investor and securitisation trust shall have the meanings respectively assigned to them in the Explanation below 97 [section 115TCA ]] (36) any income arising from the transfer of a long-term capital asset, being an eligible equity share in a company purchased on or after the 1st day of March, 2003 and before the 1st day of March, 2004 and held for a period of twelve months or more. Explanation .-For the purposes of this clause, eligible equity share means,- (i) any equity share in a company being a constituent of BSE-500 Index of the Stock Exchange, Mumbai as on the 1st day of March, 2003 and the transactions of purchase and sale of such equity share are entered into on a recognised stock exchange in India; (ii) any equity share in a company allotted through a public issue on or after the 1st day of March, 2003 and listed in a recognised stock exchange in India before the 1st day of March, 2004 and the transaction of sale of such share is entered into on a recognised stock exchange in India ;] 58 [(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head Capital gains arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his; (iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India; (iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004. Explanation .-For the purposes of this clause, the expression compensation or consideration includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority; 102 [ (37A) any income chargeable under the head Capital gains in respect of transfer of a specified capital asset arising to an assessee, being an individual or a Hindu undivided family, who was the owner of such specified capital asset as on the 2nd day of June, 2014 and transfers that specified capital asset under the Land Pooling Scheme (herein referred to as the scheme ) covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 made under the provisions of the Andhra Capital Region Development Authority Act, 2014 ((Andhra Pradesh Act 11 of 2014.) ) and the rules, regulations and Schemes made under the said Act. Explanation .-For the purposes of this clause, specified capital asset means,- (a) the land or building or both owned by the assessee as on the 2nd day of June, 2014 and which has been transferred under the scheme; or (b) the land pooling ownership certificate issued under the scheme to the assessee in respect of land or building or both referred to in clause (a); or (c) the reconstituted plot or land, as the case may be, received by the assessee in lieu of land or building or both referred to in clause (a) in accordance with the scheme, if such plot or land, as the case may be, so received is transferred within two years from the end of the financial year in which the possession of such plot or land was handed over to him;] (38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund 83 [or a unit of a business trust] where- (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter : 59 [Provided that the income by way of long-term capital gain of a company shall be taken into account in computing the book profit and income-tax payable under section 115JB .] 90 [***] 98 [Provided also that nothing contained in sub-clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency ] 103 [Provided also that nothing contained in this clause shall apply to any income arising from the transfer of a long-term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after the 1st day of October, 2004 and such transaction is not chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004. ; (23 of 2004.) ] 105 [Provided also that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018.] 99 [ Explanation .-For the purposes of this clause,- (a) equity oriented fund means a fund- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than sixty-five per cent. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund specified under clause (23D): Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (b) International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).; (c) recognised stock exchange shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.] 61 [(39) any specified income, arising from any international sporting event held in India, to the person or persons notified by the Central Government in the Official Gazette, if such international sporting event- (a) is approved by the international body regulating the international sport relating to such event; (b) has participation by more than two countries; (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation .-For the purposes of this clause, the specified income means the income, of the nature and to the extent, arising from the international sporting event, which the Central Government may notify in this behalf; (40) any income of any subsidiary company by way of grant or otherwise received from an Indian company, being its holding company engaged in the business of generation or transmission or distribution of power if receipt of such income is for settlement of dues in connection with reconstruction or revival of an existing business of power generation: Provided that the provisions of this clause shall apply if reconstruction or revival of any existing business of power generation is by way of transfer of such business to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA; (41) 142 [ **** ] 62 [(42) any specified income arising to a body or authority which- (a) has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government; (b) is established or constituted or appointed not for the purposes of profit; (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation .-For the purposes of this clause, specified income means the income, of the nature and to the extent, arising to the body or authority referred to in this clause, which the Central Government may notify in this behalf .] 66 [ (43) any amount received by an individual as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage referred to in clause (xvi) of section 47.] 70 [(44) any income received by any person for, or on behalf of, the New Pension System Trust established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882.(2 of 1882) ] (45) 115 [****] 73 [ (46) any specified income arising to a body or authority or Board or Trust or Commission (by whatever name called) 143 [ other than those covered under clause (46A), or a class thereof ] which- (a) has been established or constituted by or under a Central, State or Provincial Act, or constituted by the Central Government or a State Government, with the object of regulating or administering any activity for the benefit of the general public; (b) is not engaged in any commercial activity; and (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation .- For the purposes of this clause, specified income means the income, of the nature and to the extent arising to a body or authority or Board or Trust or Commission (by whatever name called) 143 [ other than those covered under clause (46A), or a class thereof ] referred to in this clause, which the Central Government may, by notification in the Official Gazette, specify in this behalf; 144 [ (46A) any income arising to a body or authority or Board or Trust or Commission, not being a company, which (a) has been established or constituted by or under a Central Act or State Act with one or more of the following purposes, namely: (i) dealing with and satisfying the need for housing accommodation; (ii) planning, development or improvement of cities, towns and villages; (iii) regulating, or regulating and developing, any activity for the benefit of the general public; or (iv) regulating any matter, for the benefit of the general public, arising out of the object for which it has been created; and (b) is notified by the Central Government in the Official Gazette for the purposes of this clause; (46B) any income accruing or arising to, (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; or (ii) a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited; or (iii) Credit Guarantee Fund Trust for Micro and Small enterprises, being a trust created by the Government of India 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.); ] (47) any income of an infrastructure debt fund, set up in accordance with the guidelines as may be prescribed, which is notified by the Central Government in the Official Gazette for the purposes of this clause.] 74 [(48) any income received in India in Indian currency by a foreign company on account of 80 [sale of crude oil, any other goods or rendering of services, as may be notified by the Central Government in this behalf, to any person] in India: Provided that- (i) receipt of such income in India by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; (ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf; and (iii) the foreign company is not engaged in any activity, other than receipt of such income, in India. ] 100 [(48A) any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India: Provided that - (i) the storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; and (ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf;] 104 [ (48B) any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement referred to in clause (48A) 107 [or on termination of the said agreement or the arrangement, in accordance with the terms mentioned therein, as the case may be,] subject to such conditions as may be notified by the Central Government in this behalf;] 116 [(48C) any income accruing or arising to the Indian Strategic Petroleum Reserves Limited, being a wholly owned subsidiary of the Oil Industry Development Board under the Ministry of Petroleum and Natural Gas, as a result of arrangement for replenishment of crude oil stored in its storage facility in pursuance of directions of the Central Government in this behalf: Provided that nothing contained in this clause shall apply to an arrangement, if the crude oil is not replenished in the storage facility within three years from the end of the financial year in which the crude oil was removed from the storage facility for the first time; ] 134 [ (48D) any income accruing or arising to an institution established for financing the infrastructure and development, set up under an Act of Parliament and notified by the Central Government for the purposes of this clause, for a period of ten consecutive assessment years beginning from the assessment year relevant to the previous year in which such institution is set up; (48E) any income accruing or arising to a developmental financing institution, licensed by the Reserve Bank of India under an Act of the Parliament referred to in clause (48D) and notified by the Central Government for the purposes of this clause, for a period of five consecutive assessment years beginning from the assessment year relevant to the previous year in which the developmental financing institution is set up: Provided that the Central Government may, by issuing notification under this clause, extend the period of exemption under this clause for a further period, not exceeding five more consecutive assessment years, subject to fulfilment of such conditions as may be specified in the said notification; ] (49) 145 [ **** ] 101 [(50) 154 [ any income arising from any (i) specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 comes into force; or (ii) e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 2020 but before the 1 st day of August, 2024, and chargeable to equalisation levy under that Chapter. ] 136 [ Explanation 1. For the removal of doubts it is hereby clarified that the income referred to in this clause shall not include and shall be deemed never to have been included any income which is chargeable to tax as royalty or fees for technical services in India under this Act read with the agreement notified by the Central Government under section 90 or section 90A. Explanation 2.-For the purposes of this clause, (i) e-commerce supply or services shall have the meaning assigned to it in clause (cb) of section 164 of the Finance Act, 2016 (28 of 2016.); (ii) specified service shall have the meaning assigned to it in clause (i) of section 164 of the Finance Act, 2016 (28 of 2016.). ] ] ************************** Notes :- 1. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 2. Substituted for the portion beginning with the words any income of such Mutual Fund and ending with the words specify in this behalf by the Finance Act, 1995, w.e.f. 1-7-1995. Prior to substitution, the said portion, as amended by the Finance Act, 1988, w.e.f. 1-4-1988, the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f. 1-4-1988 and the Finance Act, 1992, w.e.f. 1-4-1993, read as under : any income of such Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Securities and Exchange Board of India or the Reserve Bank of India and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf. 3. Substituted for any income of- by the Finance Act, 1999, w.e.f. 1-4-2000. 4. Substituted for any income of by the Finance Act, 2003, w.e.f. 1-4-2004. Earlier the words subject to the provisions of Chapter XII-E, were omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 5. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 6. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003; Prior to its omission, clause (23E), as inserted by the Finance Act, 1989, w.e.f. 1-4-1989, read as under : '(23E) any income of such Exchange Risk Administration Fund set up by public financial institutions, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part, with a public financial institution, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall accordingly be chargeable to income-tax. Explanation .-For the purposes of this clause, the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);' 7. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 8. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 9. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002. 10. Word Scale omitted by the Finance Act, 2003, w.r.e.f. 1-4-2002. 11. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996. 12. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 13. Third and fourth provisos omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to their omission, the third and fourth provisos, as inserted by the Finance Act, 1995, w.e.f. 1-4-1996, read as under : Provided also that if the aforesaid equity shares are transferred (other than in the event of the said shares being listed in a recognised stock exchange in India) by a venture capital fund or a venture capital company to any person at any time within a period of three years from the date of their acquisition, the aggregate amount of income by way of dividends on such equity shares which has not been included in the total income of the previous year or years preceding the previous year in which such transfer has taken place shall be deemed to be the income of the venture capital fund or of the venture capital company of the previous year in which such transfer has taken place: Provided also that the exemption shall not be allowed in respect of the long-term capital gains, if any, arising on such transfer of equity shares as is mentioned in the third proviso. 14. Third and fourth provisos omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to their omission, the third and fourth provisos, as inserted by the Finance Act, 1995, w.e.f. 1-4-1996, read as under : Provided also that if the aforesaid equity shares are transferred (other than in the event of the said shares being listed in a recognised stock exchange in India) by a venture capital fund or a venture capital company to any person at any time within a period of three years from the date of their acquisition, the aggregate amount of income by way of dividends on such equity shares which has not been included in the total income of the previous year or years preceding the previous year in which such transfer has taken place shall be deemed to be the income of the venture capital fund or of the venture capital company of the previous year in which such transfer has taken place: Provided also that the exemption shall not be allowed in respect of the long-term capital gains, if any, arising on such transfer of equity shares as is mentioned in the third proviso. 15. Clauses (c) and (d) substituted for clause (c) by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to substitution, clause (c), as amended by the Finance Act, 1997, w.e.f. 1-4-1998, read as under : '(c) venture capital undertaking means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of generation or generation and distribution of electricity or any other form of power or business of providing telecommunication services or in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf;' 16. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 17. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. Earlier, it was omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 18. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 19. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 20. Words from investment shall be substituted for set up to raise funds for investment by the Finance Act, 2007, w.e.f. 1-4-2008. 21. Explanation numbered as Explanation 1 by the Finance Act, 2001, w.e.f. 1-4-2001. 22. Substituted by the Finance Act, 2001, w.e.f. 1-4-2001. Prior to its substitution, sub-clause (i) read as under : (i) operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908); 23. Substituted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. Prior to its substitution, clause (c) of Explanation 1 read as under : '(c) venture capital undertaking means a domestic company- (i) whose shares are not listed in a recognised stock exchange in India; (ii) which is engaged in the business for providing services, production or manufacture of an article or thing but does not include such activities or sectors which are specified, with the approval of the Central Government, by the Securities and Exchange Board of India, by notification in the Official Gazette, in this behalf.' 24. Omitted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. Prior to its omission, Explanation 2, as inserted by the Finance Act, 2001, w.e.f. 1-4-2001, read as under : Explanation 2.- For the removal of doubts it is hereby declared that the income of a venture capital company or venture capital fund shall continue to be exempt if the shares of the venture capital undertaking, in which the venture capital company or venture capital fund has made the initial investment, are subsequently listed in a recognised stock exchange in India; 25. Omitted by the Finance Act, 2006, w.e.f. 1-4-2007 ; Prior to its omission, clause (23G), as inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997 and later on amended by the Finance Act, 1997, w.e.f. 1-4-1998, substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999 and further amended by the Income-tax (Second Amendment) Act, 1998, w.e.f. 1-4-1999, Finance Act, 1999, w.e.f. 1-4-2000, Finance Act, 2000, w.e.f. 1-4-2000/1-4-2001, Finance Act, 2001, w.e.f. 1-4-2002, Finance Act, 2002, w.e.f. 1-4-2003, Finance Act, 2003, w.e.f. 1-4-2004/w.r.e.f. 1-4-2002, Finance (No. 2) Act, 2004, w.e.f. 1-4-2005, and Special Economic Zones Act, 2005, w.e.f. 10-2-2006, read as under : '*(23G) any income by way of dividends, other than dividends referred to in section 115-O, interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company or a co-operative bank from investments made on or after the 1st day of June, 1998 by way of shares or long-term finance in any enterprise or undertaking wholly engaged in the business referred to in sub-section (4) of section 80-IA or sub-section (3) of section 80-IAB or a housing project referred to in sub-section (10) of section 80-IB or a hotel project or a hospital project and which has been approved by the Central Government on an application made by it in accordance with the rules made in this behalf and which satisfies the prescribed conditions : Provided that the income, by way of dividends, other than dividends referred to in section 115-O, interest or long-term capital gains of an infrastructure capital company, shall be taken into account in computing the book profit and income-tax payable under section 115JB. Explanation 1.- For the purposes of this clause,- (a) infrastructure capital company means such company as has made investments by way of acquiring shares or providing long term finance to an enterprise wholly engaged in the business referred to in this clause; (b) infrastructure capital fund means such fund operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908) established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise wholly engaged in the business referred to in this clause; (c) [ *** ] (d) long-term finance shall have the meaning assigned to it in clause (viii) of sub-section (1) of section 36; (e) co-operative bank shall have the meaning assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961); (f) interest includes any fee or commission received by a financial institution for giving any guarantee to, or enhancing credit in respect of, an enterprise which has been approved by the Central Government for the purposes of this clause; (g) hotel project means a project for constructing a hotel of not less than three-star category as classified by the Central Government; (h) hospital project means a project for constructing a hospital with at least one hundred beds for patients. Explanation 2.- For the removal of doubts, it is hereby declared that any income by way of dividends, interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company from investments made before the 1st day of June, 1998 by way of shares or long-term finance in any enterprise carrying on the business of developing, maintaining and operating any infrastructure facility shall not be included and the provisions of this clause as it stood immediately before its amendment by the Finance (No. 2) Act, 1998 (21 of 1998) shall apply to such income;' 26. Substituted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. Prior to its substitution, clause (24), as amended by the Finance Act, 1988, w.e.f. 1-4-1989, read as under : '(24) any income chargeable under the heads Income from house property and Income from other sources of a registered union within the meaning of the Indian Trade Unions Act, 1926 (16 of 1926), formed primarily for the purpose of regulating the relations between workmen and employers or between workmen and workmen;' 27. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973. 28. Inserted by the Labour Provident Fund Laws (Amendment) Act, 1976, w.e.f. 1-8-1976. 29. Inserted by the Finance Act, 1995, w.r.e.f. 1-4-1962. 30 . Substituted by the North-Eastern Areas (Reorganisation) (Adaptation of Laws on Union Subjects) Order, 1974, with retrospective effect from 21-1-1972. Earlier, clause (26) was amended first by the State of Nagaland (Adaptation of Laws on Union Subjects) Order, 1965, with retrospective effect from 1-12-1963 and then by the Taxation Laws (Amendment) Act, 1970, with retrospective effect from 1-4-1962. 31. Substituted for States of Nagaland, Manipur and Tripura or in the Union territories of Arunachal Pradesh and Mizoram by the Finance Act, 1994, w.e.f. 1-4-1995. 32. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 33. Substituted for , States or Union territories aforesaid by the Finance Act, 1994, w.e.f. 1-4-1995. 34. Inserted by the Finance (No. 2) Act, 1965, w.r.e.f. 1-4-1962. 35 . (not being an individual who is in the service of Government) omitted by the Finance (No. 2) Act, 1971, w.r.e.f. 1-4-1962. 36. Substituted for 1986 by the Finance Act, 1985, w.e.f. 1-4-1985. Earlier 1986 was substituted for 1983 by the Finance Act, 1983, w.e.f. 1-4-1983, 1983 was substituted for 1980 by the Finance Act, 1980, w.e.f. 1-4-1980, 1980 was substituted for 1975 by the Finance (No. 2) Act, 1977, with retrospective effect from 1-4-1975 and 1975 was substituted for 1970 by the Finance (No. 2) Act, 1971, w.r.e.f. 1-4-1970. 37. Existing Explanation renumbered as Explanation 1 by the Finance Act, 1983, w.r.e.f. 1-4-1980. 38. Inserted by the Finance Act, 1983, w.r.e.f. 1-4-1980. 39. Omitted by the Finance Act, 1997, w.e.f. 1-4-1998. Prior to its omission, clause (26AA), as inserted by the Finance Act, 1989, w.e.f. 1-4-1990, read as under : (26AA) any income of a person by way of winnings from any lottery, the draw of which is held in pursuance of any agreement entered into on or before the 28th day of February, 1989 between the State Government of Sikkim and the organising agents of such lottery, where such person is resident in the State of Sikkim in any previous year. Explanation .-For the purposes of this clause, a person shall be deemed to be resident in the State of Sikkim if he fulfils the requirements of clause (1) or clause (2) or clause (3) or clause (4) of section 6, as the case may be, subject to the modifications that- (i) references in those clauses to India shall be construed as references to the State of Sikkim; and (ii) in sub-clause (i) of clause (3), reference to Indian company shall be construed as reference to a company formed and registered under any law for the time being in force in the State of Sikkim and having its registered office in that State in that year; 40. Inserted by the Finance Act, 1980, w.r.e.f. 1-4-1972. 41. Substituted for members of either the Scheduled Castes or the Scheduled Tribes or of both by the Finance Act, 1994, w.r.e.f. 1-4-1993. 42. Substituted by the Finance Act, 1994, w.r.e.f. 1-4-1993. Earlier Explanation , as inserted by the Finance Act, 1980, w.r.e.f. 1-4-1972, read as under : ' Explanation .-For the purposes of this clause, Scheduled Castes and Scheduled Tribes shall have the meanings respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution;' 43. Inserted by the Finance Act, 1995, w.e.f. 1-4-1995. 44. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 45. Inserted by the Finance Act, 1992, w.r.e.f. 1-4-1989. Earlier clause ( 27 ) was omitted by the Finance Act, 1975, w.e.f. 1-4-1976 and re-enacted in section 80JJ with modification. Originally, clause ( 27 ) was inserted by the Finance Act, 1964, w.e.f. 1-4-1964 and later on amended by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 46. Omitted by the Finance Act, 1997, w.e.f. 1-4-1998. Prior to its omission, clause (28) was inserted by the Finance Act, 1965, w.e.f. 1-4-1965 and substituted by the Finance (No. 2) Act, 1965, w.e.f. 11-9-1965. 47. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003; Prior to its omission, clause (29), as inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968, read as under : (29) in the case of an authority constituted under any law for the time being in force for the marketing of commodities, any income derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities; 48. Inserted by the Finance Act, 1999, w.e.f. 11-5-1999. 49. Inserted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1969. 50. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985. 51. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 52. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 53. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989. 54. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 55. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003. Earlier clause (33) was inserted by the Finance Act, 1997, w.e.f. 1-4-1998, substituted by the Finance Act, 1999, w.e.f. 1-4-2000, amended by the Finance Act, 2001, w.r.e.f. 1-4-2000 and later on omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to omission, clause (33) read as under : (33) any income by way of- (i) dividends referred to in section 115-O; or (ii) income received in respect of units from the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); or (iii) income received in respect of the units of a mutual fund specified under clause (23D) : Provided that this clause shall not apply to any income arising from transfer of units of the Unit Trust of India or of a mutual fund, as the case may be. 56. Clauses (34), (35) and (36) inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 57. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006. 58. Clauses (37) and (38) inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 59. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 60. Substituted for fifty by the Finance Act, 2006, w.e.f. 1-6-2006. 61. Clauses (39) to (41) inserted by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006. 62. Inserted by the Finance Act, 2006, w.e.f. 1-4-2006. 63 . Inserted by the Finance Act, 2008, w.e.f. 1-4-1990. 64 . Inserted by the Finance Act, 2008, w.e.f. 1-4-2009. 65. Inserted by the Finance Act, 2008, w.e.f. 1-4-2002. 66. Inserted by the Finance Act, 2008, w.e.f. 1-4-2008. 67. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 68. Substituted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior to substitution it was read as under: 23 [ ( c ) venture capital undertaking means a venture capital under taking referred to in the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and notified as such in the Official Gazette by the Board for the purposes of this clause ;] Further Substituted vide Finance Act, 2012, (w.e.f. 01-04-2013), before it was read as:- venture capital undertaking means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the- ( i ) business of- ( A ) nanotechnology; ( B ) information technology relating to hardware and software development; ( C ) seed research and development; ( D ) bio-technology; ( E ) research and development of new chemical entities in the pharmaceutical sector; ( F ) production of bio-fuels; ( G ) building and operating composite hotel- cum -convention centre with seating capacity of more than three thousand; or ( H ) developing or operating and maintaining or developing, operating and maintaining any infrastructure facility as defined in the Explanation to clause ( i ) of sub-section (4) of section 80-IA; or ( ii ) dairy or poultry industry; ] 69. Inserted vide Finance (No. 2) Act, 2009 w.e.f. 1-4-2010 70 Inserted vide Finance (No. 2) Act, 2009 w.e.f. 1st day of April, 2009. 71. Omitted vide Finance Act, 2011, w.e.f. 1.6.2011, before it was read as, 57 [ Explanation. - For the removal of doubts, it is hereby declared that the dividend referred to in section 115-O shall not be included in the total income of the assessee, being a Developer or entrepreneur ;] 72. Inserted vide Finance Act, 2011, w.e.f. 1.6.2011 w.e.f. 1.4.2008 73. Inserted vide Finance Act, 2011, w.e.f. 1.6.2011 w.e.f. 1.6.2011 74. Inserted vide Finance Act, 2012, (w.e.f. 01-04-2013), 75. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 76. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 77. Substituted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 , before it was read as Explanation 21 [ 1 ] . -For the purposes of this clause,- ( a ) venture capital company means such company- ( i ) which has been granted a certificate of registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and regulations made thereunder; ( ii ) which fulfils the conditions as may be specified, with the approval of the Central Government, by the Securities and Exchange Board of India, by notification in the Official Gazette, in this behalf; ( b ) venture capital fund means such fund- 22 [ ( i ) operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908) or operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); ] ( ii ) which has been granted a certificate of registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and regulations made thereunder; ( iii ) which fulfils the conditions as may be specified, with the approval of the Central Government, by the Securities and Exchange Board of India, by notification in the Official Gazette, in this behalf; and ] 68 [ ( c ) venture capital undertaking means a venture capital undertaking referred to in the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) ] 78. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 79. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 80. Substituted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 before it was read as sale of crude oil to any person . 81. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 82. Inserted vide THE FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of April, 2015 83. Inserted vide THE FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of April, 2015 84. Inserted vide THE FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of April, 2015 85. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 86. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 87. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 88. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 89. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 90. Omitted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, 84 [Provided further that the provisions of this clause shall not apply in respect of any income arising from transfer of units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47. ] 91. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 92. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, section 115TC 93. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, by way of interest received or receivable from a special purpose vehicle 94. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, in clause (23FC) 95. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 96. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 97. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, section 115TC 98. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 99. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, Explanation . -For the purposes of this clause, equity oriented fund means a fund- ( i ) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 60 [ sixty-five ] per cent of the total proceeds of such fund; and ( ii ) which has been set up under a scheme of a Mutual Fund specified under clause ( 23D ) : Provided that the percentage of equity shareholding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; ] 100. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2016 101. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 102. Inserted vide THE FINANCE ACT, 2017 with effect from 1st day of April, 2015 103. Inserted vide THE FINANCE ACT, 2017 with effect from 1st day of April, 2018 104. Inserted vide THE FINANCE ACT, 2017 with effect from 1st day of April, 2018 105. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 106. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 107. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 108. Omitted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 05-07-2019 before it was read as (not being listed on a recognised stock exchange) 109. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as subject to the provisions of Chapter XII-E, 110. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as referred to in sub-section (7) of section 115-O 111. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as 94 [in sub-clause (a) of clause (23FC)] 112. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 113. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 114. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 115. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as 72 [(45) any allowance or perquisite, as may be notified by the Central Government in the Official Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired member of the Union Public Service Commission.] 116. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 117. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as comes into force 118. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 119. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 United Arab Emirates 120. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 121. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 for this purpose 122. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as hundred per cent. 123. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 124. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 125. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 126. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as Explanation 127. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 128. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as undertake any commercial activity whether within or outside India 129. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 130. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as prescribed; and 131. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 132. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 133. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 134. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 135. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as 2021 136. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as Explanation .-For the purposes of this clause, specified service shall have the meaning assigned to it in clause (i) of section 164 of Chapter VIII of the Finance Act, 2016. 137. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 9 [(23EB) any income of the Credit Guarantee Fund Trust for Small 10 [ *** ] Industries, being a trust created by the Government of India 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), for five previous years relevant to the assessment years beginning on the 1st day of April, 2002 and ending on the 31st day of March, 2007; ] 138. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, interest 139. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 34 [(26A) any income accruing or arising to any person 35 [ * * * ] from any source in the district of Ladakh or outside India in any previous year relevant to any assessment year commencing before the 1st day of April, 36 [ 1989 ] , where such person is resident in the said district in that previous year : Provided that this clause shall not apply in the case of any such person unless he was resident in that district in the previous year relevant to the assessment year commencing on the 1st day of April, 1962. 37 [Explanation 1].- For the purposes of this clause, a person shall be deemed to be resident in the district of Ladakh if he fulfils the requirements of sub-section (1) or sub-section (2) or sub-section (3) or sub-section (4) of section 6, as the case may be, subject to the modifications that- (i) references in those sub-sections to India shall be construed as references to the said district; and (ii) in clause (i) of sub-section (3), reference to Indian company shall be construed as reference to a company formed and registered under any law for the time being in force in the State of Jammu and Kashmir and having its registered office in that district in that year .] 38 [Explanation 2.- In this clause, references to the district of Ladakh shall be construed as references to the areas comprised in the said district on the 30th day of June, 1979; ] 140. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-1990 before it was read as, 63 [ (26AAA) in case of an individual, being a Sikkimese, any income which accrues or arises to him- (a) from any source in the State of Sikkim; or (b) by way of dividend or interest on securities: Provided that nothing contained in this clause shall apply to a Sikkimese woman who, on or after the 1st day of April, 2008, marries an individual who is not a Sikkimese. Explanation. -For the purposes of this clause, Sikkimese shall mean- (i) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (hereinafter referred to as the Register of Sikkim Subjects ), immediately before the 26th day of April, 1975; or (ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/ 90-I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of such individual's father or husband or paternal grandfather or brother from the same father has been recorded in that register;] 141. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 142. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, (41) any income arising from transfer of a capital asset, being an asset of an undertaking engaged in the business of generation or transmission or distribution of power where such transfer is effected on or before the 31st day of March, 2006, to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA; ] 143. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, 106 [, or a class thereof] 144. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 145. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 81 [ (49) any income of the National Financial Holdings Company Limited, being a company set up by the Central Government, of any previous year relevant to any assessment year commencing on or before the 1st day of April, 2014.] 146. Substituted vide THE FINANCE ACT, 2024 dated 15-02-2024 w.e.f. 01-04-2024 before it was read as, 2024 147. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 148. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 149. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 150. Omitted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 before it was read as, and 151. Substituted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 before it was read as, or 152. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 153. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2025 154. Substituted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2024 before it was read as, (50) 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 117 [ comes into force or arising from any e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 135 [ 2020 ]] and chargeable to equalisation levy under that Chapter.