Income Tax Act, 2025
Section 6: Ins. by s. 6, ibid. (w.e.f. 11995).
6. Ins. by s. 6, ibid. (w.e.f. 11995).
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(vi) a University established or incorporated by or under a Central, State or Provincial Act
and an institution declared to be a University under section 3 of the University Grants
Commission Act, 1956(3 of 1956); or
(vii) an Indian Institute of Technology within the meaning of clause (g) of section 3 of the
Institutes of Technology Act, 1961 (59 of 1961); or
1[(viia) any State Government; or]
2[(viib) the Central Government; or]
3[(viic) an institution, having importance throughout India or in any State or States, as the
Central Government may, by notification in the Official Gazette, specify in this behalf; or]
(viii) such institute of management as the Central Government may, by notification in the
Official Gazette, specify in this behalf,]
4{on his 5[voluntary retirement} or termination of his service, in accordance with any scheme or
schemes of voluntary retirement or in the case of a public sector company referred to in
sub-clause (i), a scheme of voluntary separation, to the extent such amount does not exceed five lakh
rupees]:
Provided that the schemes of the said companies or authorities 6[or societies or Universities or the
Institutes referred to in sub-clauses (vii) and (viii)], as the case may be, governing the payment of
such amount are framed in accordance with such guidelines (including inter alia criteria of economic
viability) as may be prescribed 7***:
Provided further that where exemption has been allowed to an employee under this clause for any
assessment year, no exemption thereunder shall be allowed to him in relation to any other assessment
year:]
8[Provided also that where any relief has been allowed to an assessee under section 89 for any
assessment year in respect of any amount received or receivable on his voluntary retirement or
termination of service or voluntary separation, no exemption under this clause shall be allowed to him
in relation to such, or any other, assessment year;]
9[(10CC) in the case of an employee, being an individual deriving income in the nature of a
perquisite, not provided for by way of monetary payment, within the meaning of clause (2) of section
17, the tax on such income actually paid by his employer, at the option of the employer, on behalf of
such employee, notwithstanding anything contained in section 200 of the Companies Act, 1956
(1 of 1956);]
a University established or incorporated by or under a Central, State or Provincial Act
and an institution declared to be a University under section 3 of the University Grants
Commission Act, 1956(3 of 1956); or
an Indian Institute of Technology within the meaning of clause
of section 3 of the
Institutes of Technology Act, 1961 (59 of 1961); or
1[
any State Government; or]
2[
the Central Government; or]
3[
an institution, having importance throughout India or in any State or States, as the
Central Government may, by notification in the Official Gazette, specify in this behalf; or]
such institute of management as the Central Government may, by notification in the
Official Gazette, specify in this behalf,]
4{on his 5[voluntary retirement} or termination of his service, in accordance with any scheme or
schemes of voluntary retirement or in the case of a public sector company referred to in
sub-clause
and
in the case of an employee, being an individual deriving income in the nature of a
perquisite, not provided for by way of monetary payment, within the meaning of clause
of section
17, the tax on such income actually paid by his employer, at the option of the employer, on behalf of
such employee, notwithstanding anything contained in section 200 of the Companies Act, 1956
(1 of 1956);]