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TMI BlogIncomes not included in total income [Clause (11) to Clause (17)]X X X X Extracts X X X X X X X X Extracts X X X X ..... lakh rupees had been substituted; ] 74 [ (11A) any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873 (5 of 1873); ] (12) the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, to the extent provided in rule 8 of Part A of the Fourth Schedule ; 84 [Provided that the provisions of this clause shall not apply to the income by way of interest accrued during the previous year in the account of a person to the extent it relates to the amount or the aggregate of amounts of contribution made by that person exceeding two lakh and fifty thousand rupees in any previous year in that fund, on or after the 1st day of April, 2021 and computed in such manner as may be prescribed: Provided further that if the contribution by such person is in a fund in which there is no contribution by the employer of such person, the provisions of the first proviso shall have the effect as if for the words two lakh and fifty thousand rupees , the words five lakh rupees had been substituted; ] 75 [(12A) any payment from the National Pension System Trust to an 80 [assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a case where- (a) the residential accommodation occupied by the assessee is owned by him ; or (b) the assessee has not actually incurred expenditure on payment of rent (by whatever name called) in respect of the residential accommodation occupied by him ; ] 6 [ (14) (i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, 7 [ as may be prescribed ], to the extent to which such expenses are actually incurred for that purpose ; (ii) any such allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at the place where he ordinarily resides, or to compensate him for the increased cost of living, 8 [ as may be prescribed and to the extent as may be prescribed ] :] 9 [Provided that nothing in sub-clause (ii) shall apply to any allowance in the nature of personal allowance granted to the assessee to remunerate or compensate him for performing duties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-clause, such bonds on or after the 1st day of June, 2002. ] Explanation .-For the purposes of this sub-clause, the expression non-resident Indian shall have the meaning assigned to it in clause (e) of section 115C ;] (iii) interest on securities held by the Issue Department of the Central Bank of Ceylon constituted under the Ceylon Monetary Law Act, 1949; 18 [ (iiia) interest payable to any bank incorporated in a country outside India and authorised to perform central banking functions in that country on any deposits made by it, with the approval of the Reserve Bank of India, with any scheduled bank. Explanation .-For the purposes of this sub-clause, scheduled bank shall have the meaning assigned to it in 19 [ clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36 ];] 20 [ (iiib) interest payable to the Nordic Investment Bank, being a multilateral financial institution constituted by the Governments of Denmark, Finland, Iceland, Norway and Sweden, on a loan advanced by it to a project approved by the Central Government in terms of the Memorandum of Understanding entered into by the Central Government with that Bank on the 25th day of November, 1986 ;] 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989), ] or the Industrial Credit and Investment Corporation of India [ a company formed and registered under the Indian Companies Act, 1913 (7 of 1913) ] , on any moneys borrowed by it from sources outside India 34 [ before the 1st day of June, 2001 ] ,to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan and its repayment ;] 35 [ (e) by any other financial institution established in India or a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act), on any moneys borrowed by it from sources outside India 36 [ before the 1st day of June, 2001 ] under a loan agreement approved by the Central Government where the moneys are borrowed either for the purpose of advancing loans to industrial undertakings in India for purchase outside India of raw materials or capital plant and machinery or for the purpose of importing any goods which the Central Government may consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an and its repayment .] Explanation .-For the purposes of 46 [ items (f) 47 [ ,(fa) ] and (g) ], the expression foreign currency shall have the meaning assigned to it in 73 [the Foreign Exchange Management Act, 1999 (42 of 1999) ]; ] 48 [ (h) by any public sector company in respect of such bonds or debentures and subject to such conditions, including the condition that the holder of such bonds or debentures registers his name and the holding with that company, as the Central Government may, by notification in the Official Gazette, specify in this behalf ;] 49 [ (i) by Government on deposits made by an employee of the Central Government or a State Government 50 [ or a public sector company ], in accordance with such scheme as the Central Government may, by notification in the Official Gazette, frame in this behalf, out of the moneys due to him on account of his retirement, whether on superannuation or otherwise. ] 51 [ 52 [Explanation 1].- For the purposes of this sub-clause, the expression industrial undertaking means any undertaking which is engaged in- (a) the manufacture or processing of goods; or 53 [ (aa) the manufacture of computer software or recording of programme on any di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Special Economic Zones Act, 2005; ] 82 [ (ix) any income by way of interest payable to a non-resident by a unit located in an International Financial Services Centre in respect of monies borrowed by it on or after the 1st day of September, 2019. Explanation .-For the purposes of this sub-clause,- (a) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005.); (b) unit shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005.); ] 63 [ (15A) any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft or an aircraft engine (other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease from the Government of a foreign State or a foreign enterprise under an agreement 64 [ 65 [ , not being an agreement entered into between the 1st day of April, 1997 and the 31st day of March, 1999, ] and ] approved by the Central Government in this behalf : 66 [Provided that nothing contained in this clause shall apply to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1987, w.e.f. 1-4-1989. Prior to its substitution, clause (14) was amended by the Finance Act, 1975, w.r.e.f. 1-4-1962. 7. Substituted for as the Central Government may, by notification in the Official Gazette, specify by the Finance Act, 1995, w.e.f. 1-7-1995. 8. Substituted for as the Central Government may, by notification in the Official Gazette, specify, to the extent specified in the notification by the Finance Act, 1995, w.e.f. 1-7-1995. 9. Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989. 10. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (14A), as inserted by the Finance Act, 1989, w.e.f. 1-4-1989, read as under : ' (14A) any income received by a public financial institution as exchange risk premium from any person borrowing foreign currency from such institution, provided the amount of such premium is credited by such institution to a fund specified under clause (23E). Explanation .-For the purposes of this clause,- (i) the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956) ; (ii) the expression exchange risk premium means a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Taxation Laws (Amendment) Act, 2003, w.r.e.f. 1-4-1962. 29. Inserted by the Taxation Laws (Amendment) Act, 2003, w.r.e.f. 1-4-1962. 30. Inserted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973. 31. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 32. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991. 33. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992. 34. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 35. Inserted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973. 36. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 37. Inserted by the Finance Act, 1976, w.e.f. 1-6-1976. 38. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 39. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991. 40. Words before the 1st day of April, 2005 omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier the quoted words were inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006. 41. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993. 42. Substituted by the Finance Act, 2007, w.e.f. 1-4-2007. Prior to its substitution, the Explanation read as under : 'Explanation .-For the purposes of this item, the expression scheduled bank shall have the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2000, w.e.f. 1-4-2001. 62. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006. 63. Substituted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its substitution, clause (15A), as inserted by the Income-tax (Amendment) Act, 1989, w.e.f. 24-1-1989, read as under : '(15A) any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft on lease from the Government of a foreign State or a foreign enterprise under an agreement approved by the Central Government in this behalf. Explanation .-For the purpose of this clause, foreign enterprise means a person who is a non-resident;' 64. Inserted by the Finance Act, 1997, w.e.f. 1-4-1998. 65. Substituted for entered before the 1st day of April, 1997 by the Finance Act, 1999, w.e.f. 1-4-2000. 66. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006. 67. Substituted for 1st day of October, 2005 by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006. Earlier 1st day of October, 2005 was substituted for 1st day of April, 2005 by the Finance Act, 2005, w.e.f. 1-4-2006. 68. Substituted for 2006 by the Finance Act, 2006, w.e.f. 1-4-2007. 69. Substituted by the Taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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