In The Matter Of The Loan Agreement Cum Assignment: Fill & Download for Free

The pursuit of Success.Well, I was about 7, when we used to stay in a small town of Hanumangarh in Rajasthan. And, financially we were in a deplorable state. You can get an insight into our condition considering that my parents used to save money for a bunch of days to buy me my favourite pineapple juice every fortnight whose cost was 20 Rupees.Papa had been running a branded shoe store out there for about 5 years now. But, people in towns and villages of India were not fancy about branded shoes yet. For them, it was a commodity meant for the rich and the affluent.Thus, owing to heavy expenses and maintenance needs, running the business was turning into a gruesome task. And, soon came the day when we had to put up a sale to just clear out all the entire lot. My father had to shut the store. Now, Maa and Papa both knew that they had to take some bold decisions.They knew that I was growing up and my education would need a lot of money. Also, they always aspired to provide the best of comfort, toys, books, notebooks and everything a child may require or demand. So, Maa took a decision that shocked Papa.Maa herself took up a job as a teacher for Nursery students and forced Papa to move to the capital city of New Delhi for exploring new options of to earn a livelihood. Papa didn't agree at once. He had been a businessman all his life and had never worked under someone carrying an insignia of “Boss.”But, eventually, he too realized that we had no other option. The family's subsistence needed a stable income and this seemed the only possible option at hand. And, since living in a city would have been a costly affair, he decided to move to Delhi without us.He said that this way, he would be able to save a lot of money, and thus, will be able to send back more for us. And, once he will be earning good enough, he will take us all to the Capital city forever. And, Papa left for crafting a better future.There in the exurbs of New Delhi was this another rising city of Noida. That is where he found his first job as a marketing salesman. It paid him just 2500 Rupees a month. The amount was paltry compared to the rising needs of the family. But, 2500 a month was better than nothing. So, he joined in. This was the first time he was going to be taking orders, as it was his first job.To ensure that he could save enough for his little champ and dearest wife to lead a comfortable life back in town, he took a huge toll on his health. His breakfast which used to be paranthas and milk reduced to mere two slices of bread.And, after that from morning till night he used to drink as much tea in the office as possible, as it was something, the Company used to pay for. And, then for dinner, he used to have two chapattis with a glass of milk.He used to live in a rental room with one of my uncles sharing the area. This room had no kitchen or a window. There was a bathroom cum toilet outside the room which was so tiny that you could hardly sit there in a crossed-legged arrangement. And, this was to be shared by several others who used to stay in the adjacent rooms.But anyway, Papa had now found a job and a roof. Now, his life was all about work. He had decided that he would one day reach the heydey in his domain of marketing. He had to rise fast. And, to do his job with utmost dedication was the only way up. He would go from city to city and town to town to fulfil the job assigned with utmost sincerity.His travel book contains names of various villages, towns and cities from each and every State and Union Territory of India. One might feel it’s an amazing job! You get to travel all around the country for free. However, that's only the half truth. Every coin has a flip side.Be it hot summer days of Chennai, or cold and biting nights of Kashmir, Papa had to brave it all. With the travelling allowances, he could easily manage to live in a room of a standard lodge and eat food in 1-Star Hotel. But, that way he could not have saved money from those allowances. So, he sacrificed his comfort happily thinking this would again make our life more beautiful.He used to sleep on railway platforms, bath under the taps meant for cleaning of trains and eat at ill-maintained stalls along the roads. All this to save the maximum out of his allowances. He sacrificed every form of comfort to ensure that Maa and I could lead a comfortable life back home.His Employee-Employer Agreement with the Company clearly stated that he will have to be travelling to various regions at least 15 days a month for market expansion. But, he begged his managers for more, as more travel would mean more travel allowances to save from.So, he practically was travelling as many as 25 days a month, sleeping on the filthy railway platforms and living a life with very low standards compared to what he was providing for us mother and son.And then, after months of this hardship, he used to return home. In fact, my best memories from those times are from the days when he used to return. This happened in gaps of every three to four months. So, Maa and I had to wait for over a hundred days to spend just a couple of days with him. Just about ten days in an entire year.But, the time when he was there with us, it was exhilarating. I still cherish how he used to sleep in the middle of the bed, cuddling his beloved family with both his arms. Oh! By the way, he was very fond of touching and playing with my tummy. He would wave his hands over my stomach for hours and hours. Today, I believe he did so to collect an essence of me to take back with him to the city.Those days, in Delhi, kids were very fond Spiderman apparels and accessories. So, once when Papa came home, he came with a surprise! I was elated to see a Spiderman stationary set.I exactly remember it had two pencils, a ruler, two erasers and two sharpeners enclosed in a cool double door geometry box with the text “Spiderman” on one side, and its image on the other. All my friends would envy me because this was something that was not yet available in the town’s markets.But, memory apart, then came the time for departure. It was all about sadness and tears. He knew that I would never want him to leave me again and that I would end up crying. That was something that could break him down and stop him from leaving for work. So, he always left home only after I was gone to school. That made his departure a little easier for him.This game of life went on for four years. The family would unite once after prolonged lacunas of time only to depart again. Life was tough staying away and yet staying together. But, my Papa and Maa did the best in their capacity.He toiled hard for four years of this arduous course staying away from his beloved wife and child. He changed over 8 jobs and had begun to earn up to Rs. 10,000 a month. It was a very big deal back then given the circumstances they had been through. And, it was finally after these long four years that he finally reunited with the family.Papa brought us all to Bahadurgarh, Haryana which lies in the exurbs of New Delhi. There we rented an apartment and spent almost the next 4 years at that address. Life was getting better now. My father was climbing up the ladder of success.During this course, Papa took a loan to buy our first motorcycle. I stood waiting on the balcony to see Papa drive that TVS Star City - Sport edition home. It was a blend of glistening violet and black paint all over it. Oh! Our first bike was a beauty.Papa was really pumped up and brimming with vigour that day. Maa's proud and enlivened face was all lighted up to witness the progress her husband had made in the past few years, rising from the dust. Everyone was very happy after a long time.By then, my education requirements had increased manifold. I would now need tuitions, costlier books and sundry other extravaganzas. Maa was also teaching at a bigger school by now to buttress Papa in running the house with an ancillary stream of income. And, now after years of travails and hardships in the industry, Papa finally found a job paying a huge rise.But, for that job, he would have to travel to Faridabad every single day. Faridabad and Bahadurgarh are two points diametrically opposite to each other by almost 90 Kilometres. But, at that time the money mattered the most to Papa.Why? Because the costs of living were rising. Inflation too had quenched the nerves of the middle class. He had to save for my future needs, education and also for his wife and himself.Also, he had been through a major accident back then post which a huge sum of the savings had been spent on the surgery and other needs of convalescence. So, without giving it much of a thought, Papa joined in.He would drive his bike back and forth to and from Faridabad every single day. Almost 200 Kilometres of travel on a bike as a daily ritual proved to be a torturous experience, but he overlooked it. He would leave early morning by 6:30 in the morning and return late by 10-11 in the night.I would often walk over his back at the night to relieve him of some pain. His back hardly recovered from that malady even in the future. But, his struggle was paying back in monetary terms and that helped in sustaining the rising expenses and needs of the family. So, the satisfaction kept him driving to push himself harder.There was nothing that could stop him. He was on a pursuit. Pursuit to provide better for his family tomorrow than they had in the present. And, this is the reason why he always executed every assigned task with finesse and perfection. And, these traits had earned him a great reputation in the industry.He had a tremendous experience in the ground level marketing and had a huge pan-nation network. Ergo, he had become a sought after name in the shoe industry. Consequently, he landed a great job almost three years later. And, this time he was going to be the Country-Head for Marketing. A big leap for a man who started off his journey in the city as a marketing salesman with a paltry remuneration.Since his hard work had earned him a lot of references and accolades in the industry, therefore the task assigned to him at the new company was immense as well. He was given the task to increase the company's sales two-fold over the next four years. He had been known for his efficacy and commitment. And, this task was going to be his greatest test of those traits.Papa readily accepted the responsibility bestowed upon him. And, guess what? He achieved the target in two years and a half. By the end of this period of four years, he had boosted the company's market sales by 4 times!He never thought of giving a 100 percent of what his bosses desired. Rather, he gave his 100 percent, which was way higher than what anyone could have expected of him.Thus, he always returned more value than the people would ask for. He always pushed himself harder than he did the previous day, and this yielded great results for him at fruition every time. And, it was because of this tenacity to do better than ever that he took a big leap in such a short period of time.After achieving all those milestones, Papa then sold his motorcycle and bought our first car. It was a dream coming alive for Maa and Papa. Glistening grey Chevrolet Beat LT vroomed into our lives as one of the greatest dreams of my parents to own a car came alive! His hard work had transformed the living of his entire family.He was running faster than ever. He was sleeping lesser than ever. He would be on the phone all the time talking to the dealers, bosses and the employees. His work was no more just restricted to the office. His work was the priority and this priority transcended the boundaries of the home as well.And then, a few years later, Papa dared to actualize his greatest dream. He wanted a house of his own where his wife and son could lead a safe and secure life. And, despite the tough times, life had thrown at him, he was not at all afraid to take any big step. He believed in himself and his capabilities.And braced up with this belief in self, Papa took a major decision that changed our lives forever. Papa took a big loan and broke all of his savings. He broke off every chain that had been fettering him for years and bought his family their own home. After years of travails, the family which had run out of money now had a shed of their own.And, this was no ordinary house. This was a luxury apartment in an upscale society of Faridabad. The man who fourteen years earlier had nothing in his pockets, was now an owner of a house among the biggies of the society.He wanted his son to lead his future among the best people of the society, and so he made it happen. He wanted his wife to have a safe neighbourhood to live in. And, he made it all happen. And, he made it large!That was the end of one chapter of rigorous travails, sacrifices and struggles that my father fought with zeal and bigger dreams in his eyes. His love for my Maa and me kept him striving for more and more, and he never turned back in his journey to succeed. He made an example for his son and wife to look up to.And, that's also how I found my first ever superhero, My Papa.Bliss!Shilanjan

There are numerious incomes which are exempted in India, the list is given below10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included—(1) agricultural income ;(2) subject to the provisions of sub-section (2) of section 64, any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family ;(2A) in the case of a person being a partner of a firm which is separately assessed as such, his share in the total income of the firm.(4) (i) in the case of a non-resident, any income by way of interest on such securities or bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf, including income by way of premium on the redemption of such bonds :(ii) in the case of an individual, any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Management Act, 1999 (42 of 1999), and the rules made thereunder :(4B) in the case of an individual, being a citizen of India or a person of Indian origin, who is a non-resident, any income from interest on such savings certificates issued before the 1st day of June, 2002 by the Central Government as that Government may, by notification in the Official Gazette, specify in this behalf :(4C) any income by way of interest payable to a non-resident, not being a company, or to a foreign company, by any Indian company or business trust in respect of monies borrowed from a source outside India by way of issue of rupee denominated bond, as referred to in clause (ia) of sub-section (2) of section 194LC, during the period beginning from the 17th day of September, 2018 and ending on the 31st day of March, 2019;][(4D) any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange, to the extent such income accrued or arisen to, or is received in respect of units held by a non-resident.(5) in the case of an individual, the value of any travel concession or assistance received by, or due to, him,—(a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India ;(b) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service,(6) in the case of an individual who is not a citizen of India,—(ii) the remuneration received by him as an official, by whatever name called, of an embassy, high commission, legation, commission, consulate or the trade representation of a foreign State, or as a member of the staff of any of these officials, for service in such capacity :(vi) the remuneration received by him as an employee of a foreign enterprise for services rendered by him during his stay in India, provided the following conditions are fulfilled—(viii) any income chargeable under the head "Salaries" received by or due to any such individual being a non-resident as remuneration for services rendered in connection with his employment on a foreign ship where his total stay in India does not exceed in the aggregate a period of ninety days in the previous year ;(xi) the remuneration received by him as an employee of the Government of a foreign State during his stay in India in connection with his training in any establishment or office of, or in any undertaking owned by,—(i) the Government ; or(ii) any company in which the entire paid-up share capital is held by the Central Government, or any State Government or Governments, or partly by the Central Government and partly by one or more State Governments ; or(iii) any company which is a subsidiary of a company referred to in item (ii) ; or(iv) any corporation established by or under a Central, State or Provincial Act ; or(v) any society registered under the Societies Registration Act, 1860 (14 of 1860), or under any other corresponding law for the time being in force and wholly financed by the Central Government, or any State Government or State Governments, or partly by the Central Government and partly by one or more State Governments ;(6A) where in the case of a foreign company deriving income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or the Indian concern after the 31st day of March, 1976 but before the 1st day of June, 2002 and,—(a) where the agreement relates to a matter included in the industrial policy, for the time being in force, of the Government of India, such agreement is in accordance with that policy ; and(b) in any other case, the agreement is approved by the Central Government,the tax on such income is payable, under the terms of the agreement, by Government or the Indian concern to the Central Government, the tax so paid.(6B) where in the case of a non-resident (not being a company) or of a foreign company deriving income (not being salary, royalty or fees for technical services) from Government or an Indian concern in pursuance of an agreement entered into before the 1st day of June, 2002 by the Central Government with the Government of a foreign State or an international organisation, the tax on such income is payable by Government or the Indian concern to the Central Government under the terms of that agreement or any other related agreement approved before that date by the Central Government, the tax so paid;(6BB) where in the case of the Government of a foreign State or a foreign enterprise deriving income from an Indian company engaged in the business of operation of aircraft, as a consideration of acquiring an aircraft or an aircraft engine (other than payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease under an agreement entered into after the 31st day of March, 1997 but before the 1st day of April, 1999, or entered into after the 31st day of March, 2007 and approved by the Central Government in this behalf and the tax on such income is payable by such Indian company under the terms of that agreement to the Central Government, the tax so paid.(6C) any income arising to such foreign company, as the Central Government may, by notification in the Official Gazette, specify in this behalf, by way of royalty or fees for technical services received in pursuance of an agreement entered into with that Government for providing services in or outside India in projects connected with security of India ;(6D) any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the National Technical Research Organisation;(7) any allowances or perquisites paid or allowed as such outside India by the Government to a citizen of India for rendering service outside India ;(8) in the case of an individual who is assigned to duties in India in connection with any co-operative technical assistance programmes and projects in accordance with an agreement entered into by the Central Government and the Government of a foreign State (the terms whereof provide for the exemption given by this clause)—(a) the remuneration received by him directly or indirectly from the Government of that foreign State for such duties, and(b) any other income of such individual which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such individual is required to pay any income or social security tax to the Government of that foreign State ;(8A) in the case of a consultant—(a) any remuneration or fee received by him or it, directly or indirectly, out of the funds made available to an international organisation [hereafter referred to in this clause and clause (8B) as the agency] under a technical assistance grant agreement between the agency and the Government of a foreign State ; and(b) any other income which accrues or arises to him or it outside India, and is not deemed to accrue or arise in India, in respect of which such consultant is required to pay any income or social security tax to the Government of the country of his or its origin.(8B) in the case of an individual who is assigned to duties in India in connection with any technical assistance programme and project in accordance with an agreement entered into by the Central Government and the agency—(a) the remuneration received by him, directly or indirectly, for such duties from any consultant referred to in clause (8A) ; and(b) any other income of such individual which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such individual is required to pay any income or social security tax to the country of his origin, provided the following conditions are fulfilled, namely :—(i) the individual is an employee of the consultant referred to in clause (8A) and is either not a citizen of India or, being a citizen of India, is not ordinarily resident in India ; and(ii) the contract of service of such individual is approved by the prescribed authority before the commencement of his service ;(9) the income of any member of the family of any such individual as is referred to in clause (8) or clause (8A) or, as the case may be, clause (8B) accompanying him to India, which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such member is required to pay any income or social security tax to the Government of that foreign State or, as the case may be, country of origin of such member;(10) (i) any death-cum-retirement gratuity received under the revised Pension Rules of the Central Government or, as the case may be, the Central Civil Services (Pension) Rules, 1972, or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority or any payment of retiring gratuity received under the Pension Code or Regulations applicable to the members of the defence services ;(ii) any gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972), to the extent it does not exceed an amount calculated in accordance with the provisions of sub-sections (2) and (3) of section 4 of that Act ;(iii) any other gratuity received by an employee on his retirement or on his becoming incapacitated prior to such retirement or on termination of his employment, or any gratuity received by his widow, children or dependants on his death, to the extent it does not, in either case, exceed one-half month's salary for each year of completed service, calculated on the basis of the average salary for the ten months immediately preceding the month in which any such event occurs, subject to such limit as the Central Government may, by notification in the Official Gazette, specify in this behalf having regard to the limit applicable in this behalf to the employees of that Government :(10A) (i) any payment in commutation of pension received under the Civil Pensions (Commutation) Rules of the Central Government or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the defence services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority or a corporation established by a Central, State or Provincial Act ;(ii) any payment in commutation of pension received under any scheme of any other employer, to the extent it does not exceed—(a) in a case where the employee receives any gratuity, the commuted value of one-third of the pension which he is normally entitled to receive, and(b) in any other case, the commuted value of one-half of such pension,such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality ;(iii) any payment in commutation of pension received from a fund under clause (23AAB) ;(10AA) (i) any payment received by an employee of the Central Government or a State Government as the cash equivalent of the leave salary in respect of the period of earned leave at his credit at the time of his retirement whether on superannuation or otherwise ;(ii) any payment of the nature referred to in sub-clause (i) received by an employee, other than an employee of the Central Government or a State Government, in respect of so much of the period of earned leave at his credit at the time of his retirement whether on superannuation or otherwise as does not exceed ten months, calculated on the basis of the average salary drawn by the employee during the period of ten months immediately preceding his retirement whether on superannuation or otherwise, subject to such limit as the Central Government may, by notification in the Official Gazette, specify in this behalf having regard to the limit applicable in this behalf to the employees of that Government :(10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment :(10BB) any payments made under the Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 (21 of 1985), and any scheme framed thereunder except payment made to any assessee in connection with the Bhopal Gas Leak Disaster to the extent such assessee has been allowed a deduction under this Act on account of any loss or damage caused to him by such disaster ;(10BC) any amount received or receivable from the Central Government or a State Government or a local authority by an individual or his legal heir by way of compensation on account of any disaster, except the amount received or receivable to the extent such individual or his legal heir has been allowed a deduction under this Act on account of any loss or damage caused by such disaster.(10C) any amount received or receivable by an employee of—(i) a public sector company ; or(ii) any other company ; or(iii) an authority established under a Central, State or Provincial Act ; or(iv) a local authority ; or(v) a co-operative society ; or(vi) a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956) ; or(vii) an Indian Institute of Technology within the meaning of clause (g) of section 3 of the Institutes of Technology Act, 1961 (59 of 1961) ; or(viia) any State Government; or(viib) the Central Government; or(viic) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or(viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf,on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i), a scheme of voluntary separation, to the extent such amount does not exceed five lakh rupees :(10CC) in the case of an employee, being an individual deriving income in the nature of a perquisite, not provided for by way of monetary payment, within the meaning of clause (2) of section 17, the tax on such income actually paid by his employer, at the option of the employer, on behalf of such employee, notwithstanding anything contained in section 200 of the Companies Act, 1956 (1 of 1956);(10D) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than—(a) any sum received under sub-section (3) of section 80DD or sub-section (3) of section 80DDA; or(b) any sum received under a Keyman insurance policy; or(c) any sum received under an insurance policy issued on or after the 1st day of April, 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured; or(d) any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured:(11) any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette;(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 ;(12A) any payment from the National Pension System Trust to an assessee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed sixty per cent of the total amount payable to him at the time of such closure or his opting out of the scheme;(12B) any payment from the National Pension System Trust to an employee under the pension scheme referred to in section 80CCD, on partial withdrawal made out of his account in accordance with the terms and conditions, specified under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and the regulations made thereunder, to the extent it does not exceed twenty-five per cent of the amount of contributions made by him;(13) any payment from an approved superannuation fund made—(i) on the death of a beneficiary; or(ii) to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapa-citated prior to such retirement; or(iii) by way of refund of contributions on the death of a beneficiary ; or(iv) by way of refund of contributions to an employee on his leaving the service in connection with which the fund is established otherwise than by retirement at or after a specified age or on his becoming incapacitated prior to such retirement, to the extent to which such payment does not exceed the contributions made prior to the commencement of this Act and any interest thereon; or(v) by way of transfer to the account of the employee under a pension scheme referred to in section 80CCD and notified by the Central Government;(13A) any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed having regard to the area or place in which such accommodation is situate and other relevant considerations.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 ;(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, 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 living, as may be prescribed and to the extent as may be prescribed :(15) (i) income by way of interest, premium on redemption or other payment on such securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government and deposits as the Central Government may, by notification in the Official Gazette, specify in this behalf, subject to such conditions and limits as may be specified in the said notification ;(iib) in the case of an individual or a Hindu undivided family, interest on such Capital Investment Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf :(iic) in the case of an individual or a Hindu undivided family, interest on such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf ;(iid) interest on such bonds, as the Central Government may, by notification in the Official Gazette, specify, arising to—(a) a non-resident Indian, being an individual owning the bonds ; or(b) any individual owning the bonds by virtue of being a nominee or survivor of the non-resident Indian ; or(c) any individual to whom the bonds have been gifted by the non-resident Indian :(iii) interest on securities held by the Issue Department of the Central Bank of Ceylon constituted under the Ceylon Monetary Law Act, 1949;(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.(iiib) interest payable to the Nordic Investment Bank, being a multilateral financial institution constituted by the Governments of Denmark, Finland, Iceland, Norway and Sweden, on a loan advanced by it to a project approved by the Central Government in terms of the Memorandum of Understanding entered into by the Central Government with that Bank on the 25th day of November, 1986;(iiic) interest payable to the European Investment Bank, on a loan granted by it in pursuance of the framework-agreement for financial co-operation entered into on the 25th day of November, 1993 by the Central Government with that Bank;(iv) interest payable—(a) by Government or a local authority on moneys borrowed by it before the 1st day of June, 2001 from, or debts owed by it before the 1st day of June, 2001 to, sources outside India;(b) by an industrial undertaking in India on moneys borrowed by it under a loan agreement entered into before the 1st day of June, 2001 with any such financial institution in a foreign country as may be approved in this behalf by the Central Government by general or special order ;(c) by an industrial undertaking in India on any moneys borrowed or debt incurred by it before the 1st day of June, 2001 in a foreign country in respect of the purchase outside India of raw materials or components or capital plant and machinery, 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 or debt and its repayment.(d) by the Industrial Finance Corporation of India established by the Industrial Finance Corporation Act, 1948 (15 of 1948), or the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964), or the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981), or the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), 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 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;(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 in section 51 of that Act), on any moneys borrowed by it from sources outside India before the 1st day of June, 2001 under a loan agreement approved by the Central Government where the moneys are borrowed either for the purpose of advancing loans to industrial undertakings in India for purchase outside India of raw materials or capital plant and machinery or for the purpose of importing any goods which the Central Government may consider necessary to import in the public interest, 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;(f) by an industrial undertaking in India on any moneys borrowed by it in foreign currency from sources outside India under a loan agreement approved by the Central Government before the 1st day of June, 2001 having regard to the need for industrial development in India, 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;(fa) by a scheduled bank to a non-resident or to a person who is not ordinarily resident within the meaning of sub-section (6) of section 6 on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the Reserve Bank of India.(g) by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes, 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 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.(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;(i) by Government on deposits made by an employee of the Central Government or a State Government or a public sector company, in accordance with such scheme as the Central Government may, by notification in the Official Gazette, frame in this behalf, out of the moneys due to him on account of his retirement, whether on superannuation or otherwise.(v) interest on—(a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve Bank's SGL Account No. SL/DH 048;(b) deposits for the benefit of the victims of the Bhopal gas leak disaster held in such account, with the Reserve Bank of India or with a public sector bank, as the Central Government may, by notification in the Official Gazette, specify, whether prospectively or retrospectively but in no case earlier than the 1st day of April, 1994 in this behalf.(vi) interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by the Central Government;(vii) interest on bonds—(a) issued by a local authority or by a State Pooled Finance Entity; and(b) specified by the Central Government by notification in the Official Gazette.(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 Unit referred to in clause (u) of section 2 of the Special Economic Zones Act, 2005;[(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.(15A) any payment made, by an Indian company engaged in the business of operation of aircraft, to acquire an aircraft or an aircraft engine (other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease from the Government of a foreign State or a foreign enterprise under an agreement, not being an agreement entered into between the 1st day of April, 1997 and the 31st day of March, 1999, and approved by the Central Government in this behalf :(16) scholarships granted to meet the cost of education;(17) any income by way of—(i) daily allowance received by any person by reason of his membership of Parliament or of any State Legislature or of any Committee thereof;(ii) any allowance received by any person by reason of his membership of Parliament under the Members of Parliament (Constituency Allowance) Rules, 1986;(iii) any constituency allowance received by any person by reason of his membership of any State Legislature under any Act or rules made by that State Legislature;(17A) any payment made, whether in cash or in kind,—(i) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf; or(ii) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;(18) any income by way of—(i) pension received by an individual who has been in the service of the Central Government or State Government and has been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf;(ii) family pension received by any member of the family of an individual referred to in sub-clause (i).(19) family pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces (including para-military forces) of the Union, where the death of such member has occurred in the course of operational duties, in such circumstances and subject to such conditions, as may be prescribed;(19A) the annual value of any one palace in the occupation of a Ruler, being a palace, the annual value whereof was exempt from income-tax before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, by virtue of the provisions of the Merged States (Taxation Concessions) Order, 1949, or the Part B States (Taxation Concessions) Order, 1950, or, as the case may be, the Jammu and Kashmir (Taxation Concessions) Order, 1958:(20) the income of a local authority which is chargeable under the head "Income from house property", "Capital gains" or "Income from other sources" or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.Explanation.—For the purposes of this clause, the expression "local authority" means—(i) Panchayat as referred to in clause (d) of article 243 of the Constitution; or(ii) Municipality as referred to in clause (e) of article 243P of the Constitution; or(iii) Municipal Committee and District Board,legally entitled to, or entrusted by the Government with, the control or management of a Municipal or local fund; or(iv) Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);(21) any income of a research association for the time being approved for the purpose of clause (ii) or clause (iii) of sub-section (1) of section 35:((22B) any income of such news agency set up in India solely for collection and distribution of news as the Central Government may, by notification in the Official Gazette, specify in this behalf:(23A) any income (other than income chargeable under the head "Income from house property" or any income received for rendering any specific services or income by way of interest or dividends derived from its investments) of an association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of law, medicine, accountancy, engineering or architecture or such other profession as the Central Government may specify in this behalf, from time to time, by notification in the Official Gazette:(23AA) any income received by any person on behalf of 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;(23AAA) any income received by any person on behalf of a fund established, for such purposes as may be notified by the Board in the Official Gazette, for the welfare of employees or their dependants and of which fund such employees are members if such fund fulfils the following conditions, namely :—(a) the fund—(i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and(ii) invests its funds and contributions and other sums received by it in the forms or modes specified in sub-section (5) of section 11;(b) the fund is approved by the Principal Commissioner or Commissioner in accordance with the rules made in this behalf:(23AAB) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 or any other insurer under a pension scheme,—(i) to which contribution is made by any person for the purpose of receiving pension from such fund;(ii) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be.(23B) any income of an institution constituted as a public charitable trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India, and existing solely for the development of khadi or village industries or both, and not for purposes of profit, to the extent such income is attributable to the business of production, sale, or marketing, of khadi or products of village industries:(23BB) any income of an authority (whether known as the Khadi and Village Industries Board or by any other name) established in a State by or under a State or Provincial Act for the development of khadi or village industries in the State.(23BBA) any income of any body or authority (whether or not a body corporate or 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, that is to say, public religious or charitable trusts or endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship) or societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860 (21 of 1860), or any other law for the time being in force:(23BBB) any income of the European Economic Community derived in India by way of interest, dividends or capital gains from investments made out of its funds under such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf.(23BBC) any income of the SAARC Fund for Regional Projects set up by Colombo Declaration issued on the 21st day of December, 1991 by the Heads of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th day of December, 1985 by the Charter of the South Asian Association for Regional Cooperation;(23BBD) any income of the Secretariat of the Asian Organisation of the Supreme Audit Institutions registered as "ASOSAI-SECRETARIAT" under the Societies Registration Act, 1860 (21 of 1860) for ten previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2011;(23BBE) any income of the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);(23BBF) any income of the North-Eastern Development Finance Corporation Limited, being a company formed and registered under the Companies Act, 1956 (1 of 1956) :(v) one hundred per cent of the total income for assessment year beginning on the 1st day of April, 2010 and any subsequent assessment year or years,shall be included in such total income;(23BBG) any income of the Central Electricity Regulatory Commission constituted under sub-section (1) of section 76 of the Electricity Act, 2003 (36 of 2003);(23BBH) any income of the Prasar Bharati (Broadcasting Corporation of India) established under sub-section (1) of section 3 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990);(23C) any income received by any person on behalf of—(i) the Prime Minister's National Relief Fund or the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND); or(ii) the Prime Minister's Fund (Promotion of Folk Art); or(iii) the Prime Minister's Aid to Students Fund; or(iiia) the National Foundation for Communal Harmony; or(iiiaa) the Swachh Bharat Kosh, set up by the Central Government; or(iiiaaa) the Clean Ganga Fund, set up by the Central Government; or(iiiaaaa) the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G; or(iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or(iiiac) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government.(iiiad) any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed; or(iiiae) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, if the aggregate annual receipts of such hospital or institution do not exceed the amount of annual receipts as may be prescribed; or(iv) any other fund or institution established for charitable purposes which may be approved by the prescribed authority, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States; or(v) any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes, which may be approved by the prescribed authority, having regard to the manner in which the affairs of the trust or institution are administered and supervised for ensuring that the income accruing thereto is properly applied for the objects thereof;(vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiab) or sub-clause (iiiad) and which may be approved by the prescribed authority; or(via) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiac) or sub- clause (iiiae) and which may be approved by the prescribed authority :(23D) subject to the provisions of Chapter XII-E,] any income of—(i) a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder;(ii) such other Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf.(23DA) any income of a securitisation trust from the activity of securitisation.(23EA) any income, by way of contributions received from recognised stock exchanges and the members thereof, of such Investor Protection Fund set up by recognised stock exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf:(23EB) any income of the Credit Guarantee Fund Trust for Small Industries, being a trust created by the Government of India and the Small Industries Development Bank of India established under sub-section (1) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989), for five previous years relevant to the assessment years beginning on the 1st day of April, 2002 and ending on the 31st day of March, 2007;(23EC) any income, by way of contributions received from commodity exchanges and the members thereof, of such Investor Protection Fund set up by commodity exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf:(23ED) any income, by way of contributions received from a depository, of such Investor Protection Fund set up in accordance with the regulations by a depository as the Central Government may, by notification in the Official Gazette, specify in this behalf:(23EE) any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf:(23F) any income by way of dividends or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking :(23FA) any income by way of dividends, other than dividends referred to in section 115-O, or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking :(23FB) any income of a venture capital company or venture capital fund from investment in a venture capital undertaking :(23FBA) any income of an investment fund other than the income chargeable under the head "Profits and gains of business or profession";(23FBB) any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the same nature as income chargeable under the head "Profits and gains of business or profession".(23FC) any income of a business trust by way of—(a) interest received or receivable from a special purpose vehicle; or(b) dividend referred to in sub-section (7) of section 115-O].(23FCA) any income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust.(23FD) any distributed income, referred to in section 115UA, received by a unit holder from the business trust, not being that proportion of the income which is of the same nature as the income referred to in sub-clause (a) of clause (23FC)] or clause (23FCA);(23FE) any income of a specified person in the nature of dividend, interest or long-term capital gains arising from an investment made by it in India, whether in the form of debt or share capital or unit, if the investment—(i) is made on or after the 1st day of April, 2020 but on or before the 31st day of March, 2024;(ii) is held for at least three years; and(iii) is in—(a) a business trust referred to in sub-clause (i) of clause (13A) of section 2; or(b) a company or enterprise or an entity carrying on the business of developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility as defined in the Explanation to clause (i) of sub-section (4) of section 80-IA or such other business as the Central Government may, by notification in the Official Gazette, specify in this behalf; or(c) a Category-I or Category-II Alternative Investment Fund regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), having hundred per cent investment in one or more of the company or enterprise or entity referred to in item (b):(24) any income chargeable under the heads "Income from house property" and "Income from other sources" of—(a) a registered union within the meaning of the Trade Unions Act, 1926 (16 of 1926), formed primarily for the purpose of regulating the relations between workmen and employers or between workmen and workmen;(b) an association of registered unions referred to in sub-clause (a);(25) (i) interest on securities which are held by, or are the property of, any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies, and any capital gains of the fund arising from the sale, exchange or transfer of such securities;(ii) any income received by the trustees on behalf of a recognised provident fund;(iii) any income received by the trustees on behalf of an approved superannuation fund;(iv) any income received by the trustees on behalf of an approved gratuity fund;(v) any income received—(a) by the Board of Trustees constituted under the Coal Mines Provident Funds and Miscellaneous Provisions Act, 1948 (46 of 1948), on behalf of the Deposit-linked Insurance Fund established under section 3G of that Act; or(b) by the Board of Trustees constituted under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), on behalf of the Deposit-linked Insurance Fund established under section 6C of that Act;(25A) any income of the Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948);(26) in the case of a member of a Scheduled Tribe as defined in clause (25) of article 366 of the Constitution, residing in any area specified in Part I or Part II of the Table appended to paragraph 20 of the Sixth Schedule to the Constitution or in the States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura or in the areas covered by notification No. TAD/R/35/50/109, dated the 23rd February, 1951, issued by the Governor of Assam under the proviso to sub-paragraph (3) of the said paragraph 20 as it stood immediately before the commencement of the North-Eastern Areas (Reorganisation) Act, 1971 (81 of 1971) or in the Ladakh region of the State of Jammu and Kashmir, any income which accrues or arises to him,—(a) from any source in the areas or States aforesaid, or(b) by way of dividend or interest on securities;(26A) any income accruing or arising to any person from any source in the district of Ladakh or outside India in any previous year relevant to any assessment year commencing before the 1st day of April, 1989, where such person is resident in the said district in that previous year :(26AAA) in case of an individual, being a Sikkimese, any income which accrues or arises to him—(a) from any source in the State of Sikkim; or(b) by way of dividend or interest on securities:(26AAB) any income of an agricultural produce market committee or board constituted under any law for the time being in force for the purpose of regulating the marketing of agricultural produce;(26B) any income of a corporation established by a Central, State or Provincial Act or of 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.(26BB) any income of a corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community.(26BBB) any income of a corporation established by a Central, State or Provincial Act for the welfare and economic upliftment of ex-servicemen being the citizens of India.(27) any income of a co-operative society formed for promoting the interests of the members of either the Scheduled Castes or Scheduled Tribes or both referred to in clause (26B) :(29A) any income accruing or arising to—(a) the Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later;(b) the Rubber Board constituted under sub-section (1) of section 4 of the Rubber Board Act, 1947 (24 of 1947) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later;(c) the Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1962 or the previous year in which such Board was constituted, whichever is later;(d) the Tobacco Board constituted under the Tobacco Board Act, 1975 (4 of 1975) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1975 or the previous year in which such Board was constituted, whichever is later;(e) the Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972 (13 of 1972) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1972 or the previous year in which such Authority was constituted, whichever is later;(f) the Agricultural and Processed Food Products Export Development Authority established under section 4 of the Agricultural and Processed Food Products Export Development Act, 1985 (2 of 1986) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1985 or the previous year in which such Authority was constituted, whichever is later;(g) the Spices Board constituted under sub-section (1) of section 3 of the Spices Board Act, 1986 (10 of 1986) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1986 or the previous year in which such Board was constituted, whichever is later;(h) the Coir Board established under section 4 of the Coir Industry Act, 1953 (45 of 1953);(30) in the case of an assessee who carries on the business of growing and manufacturing tea in India, the amount of any subsidy received from or through the Tea Board under any such scheme for replantation or replacement of tea bushes or for rejuvenation or consolidation of areas used for cultivation of tea as the Central Government may, by notification in the Official Gazette, specify:(32) in the case of an assessee referred to in sub-section (1A) of section 64, any income includible in his total income under that sub-section, to the extent such income does not exceed one thousand five hundred rupees in respect of each minor child whose income is so includible;(33) any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964 referred to in Schedule I to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) and where the transfer of such asset takes place on or after the 1st day of April, 2002;(34) any income by way of dividends referred to in section 115-O :(34A) any income arising to an assessee, being a shareholder, on account of buy back of shares by the company as referred to in section 115QA;(35) any income by way of,—(a) income received in respect of the units of a Mutual Fund specified under clause (23D); or(b) income received in respect of units from the Administrator of the specified undertaking; or(c) income received in respect of units from the specified company:(35A) any income by way of distributed income referred to in section 115TA received from a securitisation trust by any person being an investor of the said trust :(36) any income arising from the transfer of a long-term capital asset, being an eligible equity share in a company purchased on or after the 1st day of March, 2003 and before the 1st day of March, 2004 and held for a period of twelve months or more.(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head "Capital gains" arising from the transfer of agricultural land, where—(i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2;(ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his;(iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;(iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004.Explanation.—For the purposes of this clause, the expression "compensation or consideration" includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority;(37A) any income chargeable under the head "Capital gains" in respect of transfer of a specified capital asset arising to an assessee, being an individual or a Hindu undivided family, who was the owner of such specified capital asset as on the 2nd day of June, 2014 and transfers that specified capital asset under the Land Pooling Scheme (herein referred to as "the scheme") covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 made under the provisions of the Andhra Pradesh Capital Region Development Authority Act, 2014 (Andhra Pradesh Act 11 of 2014) and the rules, regulations and Schemes made under the said Act.(38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust where—(a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and(b) such transaction is chargeable to securities transaction tax under that Chapter :(39) any specified income, arising from any international sporting event held in India, to the person or persons notified by the Central Government in the Official Gazette, if such international sporting event—(a) is approved by the international body regulating the international sport relating to such event;(b) has participation by more than two countries;(c) is notified by the Central Government in the Official Gazette for the purposes of this clause.(40) any income of any subsidiary company by way of grant or otherwise received from an Indian company, being its holding company engaged in the business of generation or transmission or distribution of power if receipt of such income is for settlement of dues in connection with reconstruction or revival of an existing business of power generation:(41) any income arising from transfer of a capital asset, being an asset of an undertaking engaged in the business of generation or transmission or distribution of power where such transfer is effected on or before the 31st day of March, 2006, to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA;(42) any specified income arising to a body or authority which—(a) has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government;(b) is established or constituted or appointed not for the purposes of profit;(c) is notified by the Central Government in the Official Gazette for the purposes of this clause.(43) any amount received by an individual as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage referred to in clause (xvi) of section 47;(44) any income received by any person for, or on behalf of, the New Pension System Trust established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882 (2 of 1882);(45) any allowance or perquisite, as may be notified by the Central Government in the Official Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired member of the Union Public Service Commission;](46) any specified income arising to a body or authority or Board or Trust or Commission (by whatever name called), or a class thereof which—(a) has been established or constituted by or under a Central, State or Provincial Act, or constituted by the Central Government or a State Government, with the object of regulating or administering any activity for the benefit of the general public;(b) is not engaged in any commercial activity; and(c) is notified by the Central Government in the Official Gazette for the purposes of this clause.(47) any income of an infrastructure debt fund, set up in accordance with the guidelines as may be prescribed, which is notified by the Central Government in the Official Gazette for the purposes of this clause;(48) any income received in India in Indian currency by a foreign company on account of sale of crude oil, any other goods or rendering of services, as may be notified by the Central Government in this behalf, to any person in India:(48A) any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India:(48B) any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement referred to in clause (48A) or on termination of the said agreement or the arrangement, in accordance with the terms mentioned therein, as the case may be, subject to such conditions as may be notified by the Central Government in this behalf;(48C) any income accruing or arising to the Indian Strategic Petroleum Reserves Limited, being a wholly owned subsidiary of the Oil Industry Development Board under the Ministry of Petroleum and Natural Gas, as a result of arrangement for replenishment of crude oil stored in its storage facility in pursuance of directions of the Central Government in this behalf:(49) any income of the National Financial Holdings Company Limited, being a company set up by the Central Government, of any previous year relevant to any assessment year commencing on or before the 1st day of April, 2014;(50) any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 comes into force or arising from any e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 2021] and chargeable to equalisation levy under that Chapter.