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TMI BlogPERSONS EXEMPT FROM TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... members of the armed forces or their dependants. 2. Any fund established for such purposes as may be notified by the Board for the welfare of employees or their dependants and such employees are members of such fund. (a) Such fund- (i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and (ii) invests its funds and contributions and other sums received by it in the forms or modes specified in section 350; (b) such fund is approved by the Principal Commissioner or Commissioner in such manner as prescribed; and such approval shall at any one time have effect for such tax year or years not exceeding three tax years as specified in the order of approval. 3. Any fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t up by Colombo Declaration issued on the 21st December, 1991 by the Heads of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th December, 1985 by the Charter of the South Asian Association for Regional Cooperation. 7. Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). 8. Central Electricity Regulatory Commission constituted under section 76(1) of the Electricity Act, 2003 (36 of 2003). 9. Prasar Bharati (Broadcasting Corporation of India) established section 3(1) of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation; (b) it exists solely for philanthropic purposes and not for profit; and (c) if the Government grant to such hospital or other institution exceeds such percentage of the total receipts including any donations, as prescribed, of such hospital or other institution, it shall be considered as being substantially financed by the Government during the relevant tax year. 19. (a) Any University or other educational institution; (b) any hospital or other institution. (a) Such University or other educational institution exists solely for educational purposes and not for profit; (b) such hospital or other institution is for the reception and treatment of persons suffering from illness or mental defectiveness, or for the reception and tre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is constituted for the purpose of regulating the marketing of agricultural produce. 29. A corporation established by a Central Actor State Act or Provincial Act or of any other body, institution or association (being a body, institution or association wholly financed by the Government). Such corporation or other body or institution or association has been established or formed for promoting the interests of the members of the Scheduled Castes or the Scheduled Tribes or backward classes, or of any two, or all of them. 30. A corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. 31. Any corporation established by a Central Act or State Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Indian Trusts Act, 1882 (2 of 1882). 42. Any body or authority or Board or Trust or Commission, not being a company, which has been established or constituted by or under a Central Actor State Act with one or more of the following purposes,- (a) dealing with and satisfying the need for housing accommodation; (b) planning, development or improvement of cities, towns and villages; (c) regulating, or regulating and developing, any activity for the benefit of the general public; or (d) regulating any matter, for the benefit of the general public, arising out of the object for which it has been created. Such body or authority or Board or Trust or Commission is notified by the Central Government. 43. National Credit Guaran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Central Government may, by notification extend the period of exclusion for a further period, not exceeding five more consecutive tax years, subject to fulfilment of such conditions as specified in the said notification. Note 1: For the purposes of Sl. No 3,-- "Controller of Insurance" shall have the same meaning as assigned to it in section 2(5B) of the Insurance Act, 1938 (4 of 1938). Note 2: For the purposes of Sl. No 4,-- "khadi" and "village industries" shall have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956). Note 3: For the purposes of Sl. No 21,-- "public financial institution" shall have the same meaning as assigned to it in section 2(72) of the Companies A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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