THE SEVENTH SCHEDULE
(See sections 11 and 90)
Persons, entity or funds not liable to income-tax
1. The Coffee Board constituted under section 4 of the Coffee Act, 1942.
2. The Rubber Board constituted under sub-section (1) of section 4 of the Rubber
Board Act,1947.
3. The Tea Board established under section 4 of the Tea Act, 1953.
4. The Tobacco Board constituted under the Tobacco Board Act, 1975.
5. The Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972.
6. The Agricultural and Processed Food Products Export Development Authority established under section 4 of the Agricultural and Processed Food Products Export Development Authority Act, 1985.
7. The Spices Board constituted under sub-section (1) of section 3 of the Spices Board Act, 1986.
8. The Coir Board established under section 4 of the Coir Industry Act,1953.
9. The Prime Minister's National Relief Fund.
10. The Prime Minister's Fund (Promotion of Folk Art).
11. The Prime Minister's Aid to Students Fund.
12. The National Foundation for Communal Harmony.
13. The Insurance Regulatory and Development Authority.
14. A Mutual Fund registered under the Securities and Exchange Board of India Act, 1992.
15. Any Provident Fund to which the Provident Funds Act, 1925 applies.
16. New Pension System Trust.
17. Any approved provident fund.
18. Any approved superannuation fund.
19. Any approved gratuity fund.
20. The Deposit-linked Insurance Fund established under—
(a) the Coal Mines Provident Funds and Miscellaneous Provisions Act, 1948;
(b) the Employees' Provident Funds and Miscellaneous Provisions Act, 1952;
21. The Employees' State Insurance Fund set-up under the Employees' State Insurance Act, 1948.
22. Any electoral trust so approved by the Board in accordance with the scheme made in this regard by the Central Government, if ninety-five per cent. of the aggregate of all voluntary contributions received by it during the financial year and the surplus, if any, brought forward from any preceding financial year is distributed to political parties.
23. A corporation established by a Central, State or Provincial Act or any other body, institution or association (being a body, institution or association wholly financed by Government) where 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.
24. Any corporation established by the Central or State Government for promoting the interests of the members of a minority community notified as such by the Central Government.
25. Any statutory corporation established for the welfare and economic upliftment of ex-servicemen, being the citizens of India.
26. Any co-operative society formed for promoting the interests of the members of the Scheduled Castes or the Scheduled Tribes or both if —
(a) the membership of the co-operative society consists of only other cooperative societies formed for similar purposes; and
(b) the finances of the society are provided by the Government and such other societies.
27. Panchayat as referred to in clause (d) of article 243 of the Constitution.
28. Municipality as referred to in clause (e) of article 243P of the Constitution.
29. Municipal Committee and District Board, legally entitled to, or entrusted by the Government with the control or management of a Municipal or local fund.
30. Cantonment Board as defined in section 3 of the Cantonments Act, 2006.
31. Any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants.
32. Any fund set up, on or after, the 1st day of August, 1996, by an insurer under a pension scheme,—
(a) to which contribution is made by any person for the purpose of receiving pension from such fund; and
(b) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority.
33. An authority or Board, by whatever name called, established in a State by or under any State or Provincial Act for the development of khadi or village industries in the State.
34. Any body or authority (whether or not a body corporate or a corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which provides for the administration of any one or more of the following, namely:—
(a) public religious or charitable trusts; or
(b) endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship); or
(c) societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860, or any other law for the time being in force.
35. Any association, authority, body, institution or trust registered under the Central, State or Provincial Act for the regulation of public religious endowments.
36. The South Asia Association for Regional Cooperation ''SAARC''Fund for Regional Projects set-up by the Colombo Declaration issued on the 21st day of December, 1991 under the Charter of (SAARC) dated the 8th Day of December, 1985.
37. The Central Electricity Regulatory Commission constituted under sub-section (1) of section 76 of the Electricity Act, 2003.
38. Any Agricultural Produce Marketing Committee or Board constituted under any law for the time being in force for the purpose of regulating the marketing of agricultural produce.
39. Any non-profit organisation, being a public religious trust or institution, if—
(a) it is registered under section 98 of this Code;
(b) it is registered under a State Act, if any;
(c) it applies its income wholly for public religious purposes;
(d) it is established for the benefit of the general public;
(e) it maintains books of account and obtains an audit report from a accountant if its gross receipts in any financial year exceed five lakh rupees;
(f) its funds or assets are invested or held, at any time during the financial year in the modes specified in section 95; and
(g) its funds or assets are not used or applied or deemed to have been used or applied, directly or indirectly, for the benefit of any interested person.
40. A non-profit organisation of public importance as notified by the Central Government under sub-section (2) of section 90.
