Income Tax Act, 2025
Section 7: Subs. by Act 28 of 2016, s. 7, for the Explanation (w.e.f. 12016).
7. Subs. by Act 28 of 2016, s. 7, for the Explanation (w.e.f. 12016).
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(c) “recognised stock exchange” shall have the meaning assigned to it in clause (ii) of
the Explanation 1 to sub-section (5) of section 43;]
1[(39) any specified income, arising from any international sporting event held in India, to the
person or persons notified by the Central Government in the Official Gazette, if such international
sporting event—
(a) is approved by the international body regulating the international sport relating to such
event;
(b) has participation by more than two countries;
(c) is notified by the Central Government in the Official Gazette for the purposes of this
clause.
Explanation.—For the purposes of this clause, “the specified income” means the income, of the
nature and to the extent, arising from the international sporting event, which the Central Government
may notify in this behalf;
(40) any income of any subsidiary company by way of grant or otherwise received from an Indian
company, being its holding company engaged in the business of generation or transmission or
distribution of power if receipt of such income is for settlement of dues in connection with
reconstruction or revival of an existing business of power generation:
Provided that the provisions of this clause shall apply if reconstruction or revival of any existing
business of power generation is by way of transfer of such business to the Indian company notified
under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA;
(41) any income arising from transfer of a capital asset, being an asset of an undertaking engaged
in the business of generation or transmission or distribution of power where such transfer is effected
on or before the 31st day of March, 2006, to the Indian company notified under sub-clause (a) of
clause (v) of sub-section (4) of section 80-IA;]
2[(42) any specified income arising to a body or authority which—
(a) has been established or constituted or appointed under a treaty or an agreement entered
into by the Central Government with two or more countries or a convention signed by the Central
Government;
(b) is established or constituted or appointed not for the purposes of profit;
(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 the body or authority referred to in this clause, which the
Central Government may notify in this behalf;]
3[(43) any amount received by an individual as a loan, either in lump sum or in instalment, in a
transaction of reverse mortgage referred to in clause (xvi) of section 47;]
4[(44) any income received by any person for, or on behalf of, the New Pension System Trust
established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882 (2
of 1882);]
5[(45) any allowance or perquisite, as may be notified by the Central Government in the Official
Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired
member of the Union Public Service Commission;]
“recognised stock exchange” shall have the meaning assigned to it in clause
of
the Explanation 1 to sub-section
of section 43;]
1[
any specified income, arising from any international sporting event held in India, to the
person or persons notified by the Central Government in the Official Gazette, if such international
sporting event—
is approved by the international body regulating the international sport relating to such
event;
has participation by more than two countries;
is notified by the Central Government in the Official Gazette for the purposes of this
clause.
Explanation.—For the purposes of this clause, “the specified income” means the income, of the
nature and to the extent, arising from the international sporting event, which the Central Government
may notify in this behalf;
any income of any subsidiary company by way of grant or otherwise received from an Indian
company, being its holding company engaged in the business of generation or transmission or
distribution of power if receipt of such income is for settlement of dues in connection with
reconstruction or revival of an existing business of power generation:
Provided that the provisions of this clause shall apply if reconstruction or revival of any existing
business of power generation is by way of transfer of such business to the Indian company notified
under sub-clause
of clause
of sub-section
of section 80-IA;
any income arising from transfer of a capital asset, being an asset of an undertaking engaged
in the business of generation or transmission or distribution of power where such transfer is effected
on or before the 31st day of March, 2006, to the Indian company notified under sub-clause
of
clause
of sub-section
of section 80-IA;]
2[
any specified income arising to a body or authority which—
has been established or constituted or appointed under a treaty or an agreement entered
into by the Central Government with two or more countries or a convention signed by the Central
Government;
is established or constituted or appointed not for the purposes of profit;
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 the body or authority referred to in this clause, which the
Central Government may notify in this behalf;]
3[
any amount received by an individual as a loan, either in lump sum or in instalment, in a
transaction of reverse mortgage referred to in clause
of section 47;]
4[
any income received by any person for, or on behalf of, the New Pension System Trust
established on the 27th day of February, 2008 under the provisions of the Indian Trusts Act, 1882 (2
of 1882);]
5[
any allowance or perquisite, as may be notified by the Central Government in the Official
Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired
member of the Union Public Service Commission;]