9911796707
TMI BlogINCOME NOT TO BE INCLUDED IN TOTAL INCOMEX X X X Extracts X X X X X X X X Extracts X X X X ..... us on such policy. (a) The insurance policies, issued during the period mentioned in column B of the table below, except where such sum is received on the death of a person, or under a life insurance policy issued by the International Financial Services Centre insurance intermediary office, including the sum allocated by way of bonus on such policy, shall fulfil the conditions mentioned in Column C thereof: Sl. No. Period of issue of insurance policy Conditions of issuance policy A B C 1 1st April, 2003 to 31st March, 2012. Premium to sum assured ratio is <=20% 2 1st April, 2012 to 31st March, 2013. Premium to sum assured ratio is <=10% 3 1st April, 2013 to 31st January, 2021. Premium to sum assured ratio is <=15% fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause shall be laid before each House of Parliament. 3 Any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies, or from any other provident fund set up by the Central Government and notified by it in this behalf. (a) The income by way of interest accrued during the tax year shall not be eligible for exclusion from total income where,-- (i) it is attributable to the contribution (including aggregate thereof) made on or after the 1st April, 2021; and (ii) such contribution exceeds-- (A) ₹5,00,000 in a tax year in such fund where no contribution is made by the employer of such person; (B) ₹2,50,000 in other cases; and (b) the amount of income to be excluded from total income as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund. Such payment is made- (a) on the death of a beneficiary; or (b) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement; or (c) by way of refund of contributions on the death of a beneficiary; or (d) by way of refund of contributions to an employee on his leaving the service in connection with which the fund is established otherwise than by retirement at or after a specified age or on his becoming incapacitated prior to such retirement, to the extent to which such payment does not exceed the contributions made prior to the commencement of this Act and any interest thereon; or (e) by way of transfer to the account of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to in Schedule I to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002). The transfer of such asset takes place on or after the 1st April, 2002. 15 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 (28 of 2016) comes into force and chargeable to equalisation levy under that Chapter Such income shall not include 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 159. 16 Any income covered under section 10(15)(iii) or (15)(iv)(c), (15)(iv)(d), (15)(iv)(e), (15)(iv) (f), (15)(iv) (g) or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les made under.
Note 2: For the purposes of Sl. No. 7,--
"Agniveer Corpus Fund" and "Agnipath Scheme" shall have the meanings respectively assigned to them in section 125.
Note 3: For the purposes of Sl. No. 11,--
"interest" includes hedging transaction charges on account of currency fluctuation.
Note 4: For the purposes of Sl. No. 13,--
"State Pooled Finance Entity" means such entity which is set up as per the guidelines for the Pooled Finance Development Scheme notified by the Central Government in the Ministry of Housing and Urban Affairs.
Note 5: For the purposes of Sl. No. 15,--
"specified service" shall have the same meaning as assigned to it in clause (i) of section 164 of the Finance Act, 2016 (28 of 2016).
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