TMI BlogIncomes not included in total income [Clause (11) to Clause (17)]X X X X Extracts X X X X X X X X Extracts X X X X ..... loyer of such person, the provisions of the first proviso shall have the effect as if for the words two lakh and fifty thousand rupees , the words five lakh rupees had been substituted; ] 74 [ (11A) any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873 (5 of 1873); ] (12) the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, to the extent provided in rule 8 of Part A of the Fourth Schedule ; 84 [Provided that the provisions of this clause shall not apply to the income by way of interest accrued during the previous year in the account of a person to the extent it relates to the amount or the aggregate of amounts of contribution made by that person exceeding two lakh and fifty thousand rupees in any previous year in that fund, on or after the 1st day of April, 2021 and computed in such manner as may be prescribed: Provided further that if the contribution by such person is in a fund in which there is no contribution by the employer of such person, the provisions of the first proviso shall have the effect as if for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed having regard to the area or place in which such accommodation is situate and other relevant considerations. ] 5 [Explanation.- For the removal of doubts, it is hereby declared that nothing contained in this clause shall apply in a case where- (a) the residential accommodation occupied by the assessee is owned by him ; or (b) the assessee has not actually incurred expenditure on payment of rent (by whatever name called) in respect of the residential accommodation occupied by him ; ] 6 [ (14) (i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, 7 [ as may be prescribed ], to the extent to which such expenses are actually incurred for that purpose ; (ii) any such allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at the place where he ordinarily resides, or to compensate him for the increased cost of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e where the bonds are encashed in a previous year prior to their maturity by an individual who is so entitled, the provisions of this sub-clause shall not apply to such individual in relation to the assessment year relevant to such previous year : 17 [Provided also that the Central Government shall not specify, for the purposes of this sub-clause, such bonds on or after the 1st day of June, 2002. ] Explanation .-For the purposes of this sub-clause, the expression non-resident Indian shall have the meaning assigned to it in clause (e) of section 115C ;] (iii) interest on securities held by the Issue Department of the Central Bank of Ceylon constituted under the Ceylon Monetary Law Act, 1949; 18 [ (iiia) interest payable to any bank incorporated in a country outside India and authorised to perform central banking functions in that country on any deposits made by it, with the approval of the Reserve Bank of India, with any scheduled bank. Explanation .-For the purposes of this sub-clause, scheduled bank shall have the meaning assigned to it in 19 [ clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36 ];] 20 [ (iiib) int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 948), or the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964), 31 [ or the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981), ] 32 [ or the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), ] 33 [ or the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989), ] or the Industrial Credit and Investment Corporation of India [ a company formed and registered under the Indian Companies Act, 1913 (7 of 1913) ] , on any moneys borrowed by it from sources outside India 34 [ before the 1st day of June, 2001 ] ,to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan and its repayment ;] 35 [ (e) by any other financial institution established in India or a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residential purposes, 44 [ being a company eligible for deduction under clause (viii) of sub-section (1) of section 36 ] on any moneys borrowed by it in foreign currency from sources outside India under a loan agreement approved by the Central Government 45 [ before the 1st day of June, 2003 ], to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan and its repayment .] Explanation .-For the purposes of 46 [ items (f) 47 [ ,(fa) ] and (g) ], the expression foreign currency shall have the meaning assigned to it in 73 [the Foreign Exchange Management Act, 1999 (42 of 1999) ]; ] 48 [ (h) by any public sector company in respect of such bonds or debentures and subject to such conditions, including the condition that the holder of such bonds or debentures registers his name and the holding with that company, as the Central Government may, by notification in the Official Gazette, specify in this behalf ;] 49 [ (i) by Government on deposits made by an employee of the Central Government or a State Government 50 [ or a public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d (b) specified by the Central Government by notification in the Official Gazette. Explanation .-For the purposes of this sub-clause, the expression State Pooled Finance Entity shall mean such entity which is set up in accordance with the guidelines for the Pooled Finance Development Scheme notified by the Central Government in the Ministry of Urban Development; ] 62 [ (viii) any income by way of interest received by a non-resident or a person who is not ordinarily resident, in India on a deposit made on or after the 1st day of April, 2005, in an Offshore Banking Unitreferred to in clause (u) of section 2 of the Special Economic Zones Act, 2005; ] 82 [ (ix) any income by way of interest payable to a non-resident by a unit located in an International Financial Services Centre in respect of monies borrowed by it on or after the 1st day of September, 2019. Explanation .-For the purposes of this sub-clause,- (a) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005.); (b) unit shall have the meaning assigned to it in clause (zc) of section 2 of the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Central Government may, by notification in the Official Gazette, specify, to the extent specified in the notification by the Finance Act, 1995, w.e.f. 1-7-1995. 9. Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989. 10. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (14A), as inserted by the Finance Act, 1989, w.e.f. 1-4-1989, read as under : ' (14A) any income received by a public financial institution as exchange risk premium from any person borrowing foreign currency from such institution, provided the amount of such premium is credited by such institution to a fund specified under clause (23E). Explanation .-For the purposes of this clause,- (i) the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956) ; (ii) the expression exchange risk premium means a premium paid by a person borrowing foreign currency from a public financial institution to cover the risk which may be borne by such institution on account of fluctuations in exchange rate of foreign currencies borrowed by such institution ;' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 962. 30. Inserted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973. 31. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 32. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991. 33. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992. 34. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 35. Inserted by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973. 36. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 37. Inserted by the Finance Act, 1976, w.e.f. 1-6-1976. 38. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 39. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991. 40. Words before the 1st day of April, 2005 omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier the quoted words were inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006. 41. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993. 42. Substituted by the Finance Act, 2007, w.e.f. 1-4-2007. Prior to its substitution, the Explanation read as under : 'Explanation .-For the purposes of this item, the expression scheduled bank shall have the meaning assigned to it in clause (ii) of the Explan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y notification in the Official Gazette; Earlier it was inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 62. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006. 63. Substituted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its substitution, clause (15A), as inserted by the Income-tax (Amendment) Act, 1989, w.e.f. 24-1-1989, read as under : '(15A) any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft on lease from the Government of a foreign State or a foreign enterprise under an agreement approved by the Central Government in this behalf. Explanation .-For the purpose of this clause, foreign enterprise means a person who is a non-resident;' 64. Inserted by the Finance Act, 1997, w.e.f. 1-4-1998. 65. Substituted for entered before the 1st day of April, 1997 by the Finance Act, 1999, w.e.f. 1-4-2000. 66. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006. 67. Substituted for 1st day of October, 2005 by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006. Earlier 1st day of October, 2005 was substituted for 1st day of April, 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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