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Exempted Incomes (Tax-FREE): Section-10(23C),Section-10(23D),Section-10(23DA), Section-10(23EA),Section-10(23EB), Sec-10(23ED)

 

50. Any income received by a person on behalf of following Funds [Section 10(23C)]

Any income received by any person on behalf of the Prime Minister’s National Relief Fund, the Prime Minister’s Fund (Promotion of Folk Art) or the Prime Minister’s Aid to Students Fund is exempt from tax under clause (i), (ii) and (iii) of section 10(23C) respectively.

Any income received by any person on behalf of :

  1. the Prime Minister’s National Relief Fund ; or

  2.  the Prime Minister’s Fund (Promotion of Folk Art) ; or

  3. the Prime Minister’s Aid to Student’s Fund ; or

  4. The National Foundation for Communal Harmony

  5.      Any educational institution which is

  6.      a non profit earning body and is wholly or substantially financed by the Government;

  7.      a non profit earning body whose aggregate annual receipts do not exceed the prescribed limits (to be notified) ; or

  8.      a non profit earning body other than those mentioned at (a) and (b) above but are approved by the prescribed authority.

  9. any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or reception and treatment of persons during convalescence or of persons requiring medical attention and existing solely for philanthropic purposes and which:

  10.      is wholly or substantially financed by the Government ; or

  11.      whose aggregate annual receipts do not exceed the prescribed limits (to be notified); or

  12.      other than those mentioned a) and (b) above but is approved by the prescribed authority.

  13. any other fund established for charitable purposes which may be notified by Central Government ; or

  14. any trust or institution set up wholly for religious purposes or purpose which may be notified by the Central Government.

The above exemption shall not be available for the profits and gains of any business which is carried on, on behalf of or by any fund or institution referred in points (iv) and (v) above or to the profits or gains of any business undertaking held under trust for the purposes of any fund or institution referred in points (iv) and (v) above. This amendment has come into effect from assessment year 1984-85.

In case annual receipts of such an institution exceeds ` 1 crore in a previous year, it has to file an application upto 30th September in the succeeding financial year.

Under Section 10(23C) income of institutions specified above shall be exempt from income tax. In certain cases, approvals are required to be taken from prescribed authority in the prescribed manner to became eligible for claiming exemption.

51. Income of Mutual Fund [Section 10(23D)]

Any income of following mutual funds (subject to provisions of sections 115R to 115T) is exempt from tax:

 

       A mutual fund registered under the Securities and Exchange Board of India Act or regulation made thereunder.

 

       A mutual fund set-up by a public sector bank, or a public financial institution or authorised by RBI (subject to conditions notified by the Central Government).

52. Exemption of income of a securitisation trust [Section 1O(23DA)] [w.e.f. A.Y. 2014-15]

Any income of a securitisation trust from the activity of securitisation shall be exempt.

53. Income of Investor Protection Fund [Section 10(23EA)]

Any income by way of contributions received from recognised stock exchanges and the members thereof, of a notified Investor Protection Fund set up by recognised stock exchanges in India is exempt from tax.

 

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.

54. Income of the Credit Guarantee Trust for Small Industries [Section 10(23EB)]

Such income shall be fully exempted for a period of 5 assessment years commencing with the assessment year 2002-03 to 2006-07.

55. Exemption of income of investor protection fund of depository [Section 10(23ED)] [w.e.f. A.Y. 2014-15]

Any income, by way of contributions received from a depository, of notified Investor Protection Fund set up by a depository in accordance with the regulations made under the SEBI Act and Depository Act is exempt from tax.

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.

 
More Topics... @ Exempted Incomes
Exempted Incomes : Sec.10(1) to Sec.(4)(ii)
Exempted Incomes : Section-10(7)-Section-10(9)
Exempted Incomes : Section-10(10)-Sec-10(A)-Sec-10(AA)-Sec-10(B)
Exempted Incomes : Section-10(10BB)-Sec-10(10BC)-Sec-10(C)
Exempted Incomes : Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)
Exempted Incomes : Section-10(15A),Sec-10(16),Sec-10(17),Sec-10(17A)
Exempted Incomes : Section-10(18),Sec-10(19),Sec-10(19A),Sec-10(20)
Exempted Incomes : Section-10(21),Sec-10(22B),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23AAA),Sec-10(23MB),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23BBA),Sec-10(23BBB),Sec-10(23BBC),Sec-10(23BBE),Sec-10(23BBH)
Exempted Incomes : Section-10(23C),Sec-10(23D),Sec-10(23DA),Sec-10(23EA),Sec-10(23EB),Sec-10(ED)
Exempted Incomes : Section-10(23FB),Sec-10(24),Sec-10(25),Sec-10(25A),Sec-10(26A)
Exempted Incomes : Sec.10(4B) to Sec.10(6)
Exempted Incomes : Section-10(26AAN),Sec-10(26AAB),Sec-10(26B),Sec-10(26BB),Sec-10(26BBB)
Exempted Incomes : Section-10(27),Sec-10(29A),Sec-10(30),Sec-10(31),Sec-10(32)
Exempted Incomes : Section-10(33),Sec-10(34),Sec-10(34A),Sec-10(35),Sec-10(35A),Sec-10(36)
Exempted Incomes : Section-10(37),Sec-10(38),Sec-10(39),Sec-10(40),Sec-10(41)
Exempted Incomes : Section-10(42),Sec-10(43),Sec-10(44),Sec-10(45),Sec-10(46),Sec-10(47),Sec-10(48),Sec-10(49)
Exempted Incomes : Section 10(6A), (6B), (6BB) and (6C)
List of Exempted Incomes (Tax-Free) Under Section-10
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