Income-tax Act, 2025

INCOME NOT TO BE INCLUDED IN TOTAL INCOME - Schedule II

SCHEDULE II

[See section 11]

INCOME NOT TO BE INCLUDED IN TOTAL INCOME

In computing the total income of a person for a tax year, the income mentioned in column B of the Table below shall not be included, subject to fulfilment of the conditions mentioned in column C of the said Table, and the expressions used in columns B and C of the said Table, shall have the meaning respectively assigned to them in the Notes below the said Table.

Table

Sl. No.

Income not to be included in total income

Conditions

A

B

C

1.

Agricultural income.

Nil.

2.

Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy.

(a)

The insurance policies, issued during the period mentioned in column B of the table below, except where such sum is received on the death of a person, under a life Insurance policy issued by, shall fulfil the conditions mentioned in column C thereof:

Sl. No.

Period of issue of insurance policy

Conditions

A

B

C

1.

1st April, 2003 to 31st March, 2012.

Premium to sum assured ratio is 20%.

2.

1st April, 2012 to 31st March, 2013.

Premium to sum assured ratio is 10%.

3.

1st April, 2013 to 31st January, 2021.

Premium to sum assured ratio is 15% for special policy; and 10% for other policies.

4.

1st February, 2021 to 31st March, 2023.

Unit linked insurance policy:

(A)

premium to sum assured ratio is 15% for special policy; and 10% for other policies; and

(B)

aggregate of premium for all such policies (in any of the tax years during the term of all of such policies) is 2,50,000.

Other than unit linked insurance policy:

Premium to sum assured ratio is 15% for speci .... To read the full section download the app from Google Play store