SCHEDULE III
[See section 11]
INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS
In computing the total income of a tax year of any eligible person mentioned in column C of the Table below, the income mentioned in column B of the said Table shall not be included, subject to the conditions mentioned in column D of the said Table, and the expressions used in columns B to D therein shall have the meanings respectively assigned to them in the Notes below the said Table:
TABLE
(i) the income of the family; or
(ii) the income of the estate belonging to the family, in the case of any impartible estate.
(i) from his employer for himself and his family, in connection with his proceeding on leave to any place in India;
(ii) 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;
(i) to meet his personal expenses at the place where the duties of his office or place of employment of profit are ordinarily performed by him or at the place where he ordinarily resides; or
(ii) to compensate him for the increased cost of living,
(i) is approved by the international body regulating the international sport relating to such event;
(ii) has participation by more than two countries; and
(iii) is notified by the Central Government for the purposes of this clause; and
Note 1.—For the purposes of Sl. No. 3, the expression "disaster" shall have the same meaning as assigned to it in section 2(d) of the Disaster Management Act, 2005 (53 of 2005).
Note 2.—For the purposes of Sl. Nos. 8 and 15, the expression "family" in relation to an individual, means—
(i) the spouse and children of the individual; and
(ii) the parents, brothers and sisters of the individual or any of them, wholly or mainly dependent on the individual.
Note 3.—For the purposes of Sl. No. 18, the expression "compensation or consideration" includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority.
Note 4.—For the purposes of Sl. No. 20, the expression "Sikkimese" means—
(i) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (herein referred to as the "Register of Sikkim Subjects"), immediately before the 26th April, 1975;
(ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/90-I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991;
(iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, but it is established beyond doubt that the name of the father or husband or paternal grand-father or brother from the same father of such individual has been recorded in that register;
(iv) any other individual, whose name does not appear in the Register of Sikkim Subjects but it is established that such individual was domiciled in Sikkim on or before the 26th April, 1975; or
(v) any other individual, who was not domiciled in Sikkim on or before the 26th April, 1975, but it is established beyond doubt that the father or husband or paternal grand-father or brother from the same father of such individual was domiciled in Sikkim on or before the 26th April, 1975.
Note 5.—For the purposes of Sl. No. 21, the expression "concerned Board" means—
(i) in relation to tea, the Tea Board shall mean the Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953);
(ii) in relation to rubber, the Rubber Board constituted under section 4 of the Rubber Act, 1947 (24 of 1947);
(iii) in relation to coffee, the Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942);
(iv) in relation to cardamom, the Spices Board constituted under section 3 of the Spices Board Act, 1986 (10 of 1986);
(v) in relation to any other commodity, any Board or other authority established under any law for the time being in force which the Central Government may, by notification, specify in this behalf.
Note 6.—For the purposes of Sl. No. 22, the expression "local authority" means—
(i) Panchayat as referred to in article 243(d) of the Constitution; or
(ii) Municipality as referred to in article 243P(e) 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 constituted under section 3 of the Cantonments Act, 2006 (4 of 2006).
Note 7.—For the purposes of Sl. No. 25,—
(a) "Khadi and Village Industries Commission" means the Khadi and Village Industries Commission established under the Khadi and Village Industries Commission Act, 1956 (61 of 1956); and
(b) "khadi" and "village industries" shall have the same meanings as respectively assigned to them in that Act.
Note 8.—For the purposes of Sl. No. 26,—
(a) "securitisation" shall have the same meaning as assigned to it,—
(i) in regulation 2(1)(r) of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
(ii) in section 2(1)(z) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); or
(iii) under the guidelines on securitisation of standard assets issued by the Reserve Bank of India;
(b) "securitisation trust" shall have the meaning assigned to it in section 221(6)(d).
Note 9.—For the purposes of Sl. No. 28,—
"commodity exchange" shall mean a registered association as defined in section 2(jj) of the Forward Contracts (Regulation) Act, 1952 (74 of 1952).
Note 10.— For the purposes of Sl. No. 29,—
(a) "depository" shall have the same meaning as assigned to it in section 2(1)(e) of the Depositories Act, 1996 (22 of 1996);
(b) "regulations" shall mean the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996).
Note 11: For the purposes of Sl. No. 30,—
(a) "recognised clearing corporation" shall have the same meaning as assigned to it in—
(i) regulation 2(1)(p) of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
(ii) regulation 2(1)(n) of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);
(b) "regulations" means—
(i) the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 made under the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
(ii) the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);
(c) "specified person" means—
(i) any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund;
(ii) any recognised stock exchange, being a shareholder in such recognised clearing corporation, or a contributor to the Core Settlement Guarantee Fund; and
(iii) any clearing member contributing to the Core Settlement Guarantee Fund.
[Note 12: For the purposes of Sl. No. 38A,—
(a) the provisions as mentioned against the said serial number shall apply on or after such date as may be notified by the Central Government in this behalf; and
(b) pending such notification, the entire disability pension, that is, disability element and service element of a disabled officer of the Indian armed forces shall be exempt from income-tax.
Note 13: For the purposes of Sl. No. 38D, "specified capital asset" means —
(a) the land or building or both owned by the assessee as on the 2nd June, 2014 and which has been transferred under the Scheme; or
(b) the land pooling ownership certificate issued under the Scheme to the assessee in respect of land or building or both referred to in clause (a); or
(c) the reconstituted plot or land, as the case may be, received by the assessee in lieu of land or building or both referred to in clause (a) in accordance with the Scheme, if such plot or land, as the case may be, so received is transferred within two years from the end of the financial year in which the possession of such plot or land was handed over to him.]