Income-tax Act, 2025

PERSONS EXEMPT FROM TAX - Schedule VII

SCHEDULE VII

[See section 11]

PERSONS EXEMPT FROM TAX

Any eligible person, mentioned in column B of the Table below, shall not be liable to pay income-tax on the total income for any tax year, subject to the conditions mentioned in column C of the said Table, and the expression used in columns B and C of the said Table, shall have the meanings respectively assigned to them in the Notes below the said Table:

TABLE

Sl. No.
Eligible persons
Conditions

A
B
C

1.
Any regimental Fund or Non-public Fund established by the armed forces of the Union.
Such Fund is for the welfare of the past and present members of the armed forces or their dependants.

2.
Any fund established for such purposes as may be notified by the Board for the welfare of employees or their dependants and such employees are members of such fund.
(a) Such 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 section 350;

(b) such fund is approved by the Principal Commissioner or Commissioner in such manner as may be prescribed; and such approval shall at any one time have effect for such tax year or years not exceeding three tax years as specified in the order of approval.

3.
Any fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st August, 1996 or any other insurer under a pension scheme.
(a) The contribution is made to such pension scheme by any person for the purpose of receiving pension from such fund; and

(b) such scheme is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Ac .... To read the full section download the app from Google Play store