Income Tax Act, 1961
Section 14: Subs. by Act 21 of 2006, s. 4, for sub-clause (iii) (w.e.f. 12007).
14. Subs. by Act 21 of 2006, s. 4, for sub-clause (iii) (w.e.f. 12007).
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1[(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;]
2[(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).
Explanation.—For the purposes of this clause, the expression “family” shall have the meaning
assigned to it in the Explanation to clause (5);]
3* * * * *
4[(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;]
5[(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:
Provided that for the assessment year commencing on the 1st day of April, 1972, the annual value
of every such palace in the occupation of such Ruler during the relevant previous year shall be
exempt from income-tax;]
(20) the income of a local authority which is chargeable under the head 6*** “Income from house
property”, “Capital gains” or “Income from other sources” or from a trade or business carried on by it
7[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].
8[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,
(w.e.f. 12007).
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1[
any payment made, whether in cash or in kind,—
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
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;]
2[
any income by way of—
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;
family pension received by any member of the family of an individual referred to in
sub-clause
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;]
5[
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:
Provided that for the assessment year commencing on the 1st day of April, 1972, the annual value
of every such palace in the occupation of such Ruler during the relevant previous year shall be
exempt from income-tax;]
the income of a local authority which is chargeable under the head 6*** “Income from house
property”, “Capital gains” or “Income from other sources” or from a trade or business carried on by it
7[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].
8[Explanation.—For the purposes of this clause, the expression “local authority” means—
Panchayat as referred to in clause
of article 243 of the Constitution; or
Municipality as referred to in clause
of article 243P of the Constitution; or
Municipal Committee and District Board,