Income Tax Act, 2025
Section 6: Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
6. Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
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1[(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 2[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 3[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].
Explanation.—For the purposes of this clause, the expression “Controller of Insurance” shall
have the meaning assigned to it in clause (5B) of section 2 of the Insurance Act, 1938
(4 of 1938);]
4[(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:
Provided that—
(i) the institution applies its income, or accumulates it for application, solely for the
development of khadi or village industries or both; and
(ii) the institution is, for the time being, approved for the purpose of this clause by the Khadi
and Village Industries Commission:
Provided further that the Commission shall not, at any one time, grant such approval for more
than three assessment years beginning with the assessment year next following the financial year in
which it is granted:
5[Provided also that where the institution has been approved by the Khadi and Village Industries
Commission and subsequently that Commission is satisfied that—
(i) the institution has not applied or accumulated its income in accordance with the provisions
contained in the first proviso; or
(ii) the activities of the institution are not being carried out in accordance with all or any of
the conditions subject to which such institution was approved,
it may, at any time after giving a reasonable opportunity of showing cause against the proposed
withdrawal to the concerned institution, by order, withdraw the approval and forward a copy of the
order withdrawing the approval to such institution and to the Assessing Officer.]
Explanation.—For the purposes of this clause,—
(i) “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);
(ii) “khadi” and “village industries” have the meanings respectively assigned to them in that
Act;]
6[(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.
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 2[or any other insurer under a pension
scheme],—
to which contribution is made by any person for the purpose of receiving pension from
such fund;
which is approved by the Controller of Insurance 3[or the Insurance Regulatory and
Development Authority established under sub-section
of section 3 of the Insurance
Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be].
Explanation.—For the purposes of this clause, the expression “Controller of Insurance” shall
have the meaning assigned to it in clause
of section 2 of the Insurance Act, 1938
(4 of 1938);]
4[
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:
Provided that—
the institution applies its income, or accumulates it for application, solely for the
development of khadi or village industries or both; and
the institution is, for the time being, approved for the purpose of this clause by the Khadi
and Village Industries Commission:
Provided further that the Commission shall not, at any one time, grant such approval for more
than three assessment years beginning with the assessment year next following the financial year in
which it is granted:
5[Provided also that where the institution has been approved by the Khadi and Village Industries
Commission and subsequently that Commission is satisfied that—
the institution has not applied or accumulated its income in accordance with the provisions
contained in the first proviso; or
the activities of the institution are not being carried out in accordance with all or any of
the conditions subject to which such institution was approved,
it may, at any time after giving a reasonable opportunity of showing cause against the proposed
withdrawal to the concerned institution, by order, withdraw the approval and forward a copy of the
order withdrawing the approval to such institution and to the Assessing Officer.]
Explanation.—For the purposes of this clause,—
“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);
“khadi” and “village industries” have the meanings respectively assigned to them in that
Act;]
6[
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.