Tax Ready Reckoner

Section 10(23BB) of the Income Tax Act provides a tax exemption for the income of a Khadi and Village Industries Board established in a State by or under a State or Provincial Act. The purpose of this exemption is to support the development of khadi and village industries at the state level. Key Conditions: The […]

Section 10(23BBA) of the Income Tax Act provides a tax exemption for the income of any body or authority (whether or not a corporation) that is: Established, constituted, or appointed by or under a Central, State, or Provincial Act, and Responsible for the administration of public religious or charitable trusts or endowments, including places of

Section 10(23BBB) of the Income Tax Act provides a tax exemption for income earned by the European Economic Community (EEC) in India, but only under specific conditions. Key Features: Eligible Entity: The exemption applies exclusively to the European Economic Community, as established by the Treaty of Rome, 1957. Nature of Income: The exemption covers interest,

Section 10(23BBC) of the Income Tax Act provides a tax exemption for the income of the SAARC Fund for Regional Projects. This fund was established under the Colombo Declaration issued on 21st December 1991 by the Heads of State or Government of the SAARC member countries. Key Features: The exemption applies only to the SAARC

Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that is, the Secretariat of the Asian Organisation of Supreme Audit Institutions. This body is registered under the Societies Registration Act, 1860, and the exemption was granted for a specific 10-year period. Key Features: Eligible Entity: ASOSAI-SECRETARIAT, registered as

Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance Regulatory and Development Authority (IRDA). Key Highlights: Eligible Entity: IRDA, established under Section 3(1) of the Insurance Regulatory and Development Authority Act, 1999. Nature of Income: All income earned by IRDA is exempt—this includes fees, interest, grants,

Section 10(23BBF) of the Income Tax Act provides a phased tax exemption for the North-Eastern Development Finance Corporation Ltd. (NEDFi)—a company formed under the Companies Act, 1956, to promote economic development in the North-Eastern region of India. Exemption Timeline: The exemption was structured to gradually increase over five assessment years: 20% of income exempt for

Section 10(23BBG) of the Income Tax Act provides a full tax exemption for the income of the Central Electricity Regulatory Commission (CERC). Key Features: Eligible Entity: CERC, established under Section 76(1) of the Electricity Act, 2003. Nature of Income: All income—including fees, interest, grants, or other receipts—is exempt. Purpose: To support CERC’s role as a

Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati (Broadcasting Corporation of India). Key Features: Eligible Entity: Prasar Bharati, established under Section 3(1) of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990. Nature of Income: All income—whether from grants, interest, licensing fees, or other sources—is

Section 10(23C) of the Income Tax Act provides tax exemption to certain funds, institutions, universities, and hospitals that are established for charitable or religious purposes. It’s one of the two main regimes (alongside Section 11) under which charitable entities can claim exemption from income tax. Who Can Claim Exemption: Entities like: Educational institutions (e.g., schools,