Section 10

Purpose: This section provides tax exemption to professional associations (like medical councils, bar councils, etc.) that promote art, science, or education, provided they meet certain conditions. Key Conditions for Exemption: ✅ Must be an association/institution (not a business). ✅ Must be approved by the Central Government (e.g., Indian Medical Association, Bar Council of India). ✅ Income must be used solely for promoting its objectives (not for […]

Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf of a regimental fund or non-public fund established by the armed forces of the Union for the welfare of past or present members of such forces. Example: Let’s say the “Bravehearts Welfare Trust” is a non-public fund

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