Income Tax Act, 2025
Section 5: Ins. by Act 21 of 2006, s. 4 (w.e.f. 12007).
5. Ins. by Act 21 of 2006, s. 4 (w.e.f. 12007).
93
1[Provided also that the income of a trust or institution referred to in sub-clause (iv) or sub-clause (v)
shall be included in its total income of the previous year if the provisions of the first proviso to clause
(15) of section 2 become applicable to such trust or institution in the said previous year, whether or not
any approval granted or notification issued in respect of such trust or institution has been withdrawn or
rescinded:]
2[Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or
institution referred to in sub-clause (v) has been notified by the Central Government or approved by the
prescribed authority, as the case may be, or any university or other educational institution referred to in
sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), has been
approved by the prescribed authority, and the notification or the approval is in force for any previous
year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall
operate to exclude any income received on behalf of such fund or trust or institution or university or other
educational institution or hospital or other medical institution, as the case may be, from the total income
of the person in receipt thereof for that previous year.
Explanation.—In this clause, where any income is required to be applied or accumulated, then,
for such purpose the income shall be determined without any deduction or allowance by way of
depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application
of income under this clause in the same or any other previous year;]
3[(23D) 4[5[ 6*** 7[subject to the provisions of Chapter XII-E, any income of]—]
(i) a Mutual Fund registered under the Securities and Exchange Board of India
Act, 1992 (15 of 1992) or regulations made thereunder;
(ii) such other Mutual Fund set up by a public sector bank or a public financial institution or
authorised by the Reserve Bank of India and subject to such conditions as the Central
Government may, by notification in the Official Gazette, specify in this behalf.]
Explanation.—For the purposes of this clause,—
(a) the expression “public sector bank” means the State Bank of India constituted under the
State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of
India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new Bank constituted under
section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1970 (5 of
1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1980 (40 of 1980) 8[and a bank included in the category “other public sector banks” by the
Reserve Bank of India;]
(b) the expression “public financial institution” shall have the meaning assigned to it in
section 4A of the Companies Act, 1956 (1 of 1956);]
9[(c) the expression “Securities and Exchange Board of India” shall have the meaning
assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992);]
or sub-clause
shall be included in its total income of the previous year if the provisions of the first proviso to clause
of section 2 become applicable to such trust or institution in the said previous year, whether or not
any approval granted or notification issued in respect of such trust or institution has been withdrawn or
rescinded:]
2[Provided also that where the fund or institution referred to in sub-clause
or the trust or
institution referred to in sub-clause
has been notified by the Central Government or approved by the
prescribed authority, as the case may be, or any university or other educational institution referred to in
sub-clause
or any hospital or other medical institution referred to in sub-clause
thereof] shall
operate to exclude any income received on behalf of such fund or trust or institution or university or other
educational institution or hospital or other medical institution, as the case may be, from the total income
of the person in receipt thereof for that previous year.
Explanation.—In this clause, where any income is required to be applied or accumulated, then,
for such purpose the income shall be determined without any deduction or allowance by way of
depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application
of income under this clause in the same or any other previous year;]
3[
4[5[ 6*** 7[subject to the provisions of Chapter XII-E, any income of]—]
a Mutual Fund registered under the Securities and Exchange Board of India
Act, 1992 (15 of 1992) or regulations made thereunder;
such other Mutual Fund set up by a public sector bank or a public financial institution or
authorised by the Reserve Bank of India and subject to such conditions as the Central
Government may, by notification in the Official Gazette, specify in this behalf.]
Explanation.—For the purposes of this clause,—
the expression “public sector bank” means the State Bank of India constituted under the
State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of
India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new Bank constituted under
section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1970 (5 of
1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1980 (40 of 1980) 8[and a bank included in the category “other public sector banks” by the
Reserve Bank of India;]
the expression “public financial institution” shall have the meaning assigned to it in
section 4A of the Companies Act, 1956 (1 of 1956);]
9[
the expression “Securities and Exchange Board of India” shall have the meaning
assigned to it in clause
of sub-section
of section 2 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992);]