Income Tax Act, 2025
Section 5: Ins. by Act 8 of 2011, s. 4 (w.e.f. 12008).
5. Ins. by Act 8 of 2011, s. 4 (w.e.f. 12008).
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1[(46) any specified income arising to a body or authority or Board or Trust or Commission (by
whatever name called) 2[, or a class thereof] which—
(a) has been established or constituted by or under a Central, State or Provincial Act, or
constituted by the Central Government or a State Government, with the object of regulating or
administering any activity for the benefit of the general public;
(b) is not engaged in any commercial activity; and
(c) is notified by the Central Government in the Official Gazette for the purposes of this
clause.
Explanation.—For the purposes of this clause, “specified income” means the income, of the
nature and to the extent arising to a body or authority or Board or Trust or Commission (by whatever
name called) 2[, or a class thereof] referred to in this clause, which the Central Government may, by
notification in the Official Gazette, specify in this behalf;
(47) any income of an infrastructure debt fund, set up in accordance with the guidelines as may
be prescribed, which is notified by the Central Government in the Official Gazette for the purposes of
this clause;]
3[(48) any income received in India in Indian currency by a foreign company on account of 4[sale
of crude oil, any other goods or rendering of services, as may be notified by the Central Government
in this behalf, to any person] in India:
Provided that—
(i) receipt of such income in India by the foreign company is pursuant to an agreement or an
arrangement entered into by the Central Government or approved by the Central Government;
(ii) having regard to the national interest, the foreign company and the agreement or
arrangement are notified by the Central Government in this behalf; and
(iii) the foreign company is not engaged in any activity, other than receipt of such income, in
India;]
5[(48A) any income accruing or arising to a foreign company on account of storage of crude oil in
a facility in India and sale of crude oil therefrom to any person resident in India:
Provided that—
(i) the storage and sale by the foreign company is pursuant to an agreement or an arrangement
entered into by the Central Government or approved by the Central Government; and
(ii) having regard to the national interest, the foreign company and the agreement or
arrangement are notified by the Central Government in this behalf;]
6[(48B) any income accruing or arising to a foreign company on account of sale of leftover stock of
crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement referred to
in clause (48A) 7[or on termination of the said agreement or the arrangement, in accordance with the
terms mentioned therein, as the case may be,] subject to such conditions as may be notified by the
Central Government in this behalf;]
8[(49) any income of the National Financial Holdings Company Limited, being a company set up
by the Central Government, of any previous year relevant to any assessment year commencing on or
before the 1st day of April, 2014;]
any specified income arising to a body or authority or Board or Trust or Commission (by
whatever name called) 2[, or a class thereof] which—
has been established or constituted by or under a Central, State or Provincial Act, or
constituted by the Central Government or a State Government, with the object of regulating or
administering any activity for the benefit of the general public;
is not engaged in any commercial activity; and
is notified by the Central Government in the Official Gazette for the purposes of this
clause.
Explanation.—For the purposes of this clause, “specified income” means the income, of the
nature and to the extent arising to a body or authority or Board or Trust or Commission (by whatever
name called) 2[, or a class thereof] referred to in this clause, which the Central Government may, by
notification in the Official Gazette, specify in this behalf;
any income of an infrastructure debt fund, set up in accordance with the guidelines as may
be prescribed, which is notified by the Central Government in the Official Gazette for the purposes of
this clause;]
3[
any income received in India in Indian currency by a foreign company on account of 4[sale
of crude oil, any other goods or rendering of services, as may be notified by the Central Government
in this behalf, to any person] in India:
Provided that—
receipt of such income in India by the foreign company is pursuant to an agreement or an
arrangement entered into by the Central Government or approved by the Central Government;
having regard to the national interest, the foreign company and the agreement or
arrangement are notified by the Central Government in this behalf; and
the foreign company is not engaged in any activity, other than receipt of such income, in
India;]
5[
any income accruing or arising to a foreign company on account of storage of crude oil in
a facility in India and sale of crude oil therefrom to any person resident in India:
Provided that—
the storage and sale by the foreign company is pursuant to an agreement or an arrangement
entered into by the Central Government or approved by the Central Government; and
having regard to the national interest, the foreign company and the agreement or
arrangement are notified by the Central Government in this behalf;]
6[
any income accruing or arising to a foreign company on account of sale of leftover stock of
crude oil, if any, from the facility in India after the expiry of the agreement or the arrangement referred to
in clause
7[or on termination of the said agreement or the arrangement, in accordance with the
terms mentioned therein, as the case may be,] subject to such conditions as may be notified by the
Central Government in this behalf;]
8[
any income of the National Financial Holdings Company Limited, being a company set up
by the Central Government, of any previous year relevant to any assessment year commencing on or
before the 1st day of April, 2014;]