Gross Total Income

Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf of a fund that is: Established for the welfare of employees or their dependents, and Notified by the Central Board of Direct Taxes (CBDT) in the Official Gazette. To qualify for exemption, the fund must: Apply its […]

Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by: Life Insurance Corporation of India (LIC) or Any other insurer, provided the fund is: Established on or after 1st August 1996, Set up under a pension scheme, Receives contributions from individuals for the purpose of receiving

Section 10(23B) of the Income Tax Act provides a tax exemption for income earned by certain institutions that are: Constituted as a public charitable trust or registered under the Societies Registration Act, 1860, or any equivalent law, Existing solely for the development of khadi or village industries, and Not established for profit-making purposes. To qualify

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