Income Tax Act, 2025
Section 4: Ins. by Act 32 of 1994, s. 6 (w.e.f. 11994).
4. Ins. by Act 32 of 1994, s. 6 (w.e.f. 11994).
5. Clause (23) omitted by Act 20 of 2002, s. 4 (w.e.f. 12003). Earlier Clause (23) omitted by Act 4 of 1988, s. 6
(w.e.f. 11989) and then restored by Act 3 of 1989, s. 95 (w.e.f. 11989).
85
1[(23A) any income (other than income chargeable under the head2***“Income from house
property” or any income received for rendering any specific services or income by way of interest or
dividends derived from its investments) of an association or institution established in India having as
its object the control, supervision, regulation or encouragement of the profession of law, medicine,
accountancy, engineering or architecture or such other profession as the Central Government may
specify in this behalf, from time to time, by notification in the Official Gazette:
Provided that—
(i) the association or institution applies its income, or accumulates it for application, solely
to the objects for which it is established; and
(ii) the association or institution is for the time being approved for the purpose of this clause
by the Central Government by general or special order:]
3[Provided further that where the association or institution has been approved by the Central
Government and subsequently that Government is satisfied that—
(i) such association or institution has not applied or accumulated its income in accordance
with the provisions contained in the first proviso; or
(ii) the activities of the association or institution are not being carried out in accordance with
all or any of the conditions subject to which such association or institution was approved,
it may, at any time after giving a reasonable opportunity of showing cause against the proposed
withdrawal to the concerned association or institution, by order, withdraw the approval and forward a
copy of the order withdrawing the approval to such association or institution and to the Assessing
Officer;]
4[(23AA) any income received by any person on behalf of any Regimental Fund or Non-Public
Fund established by the armed forces of the Union for the welfare of the past and present members of
such forces or their dependants;]
5[(23AAA) any income received by any person on behalf of a fund established, for such purposes
as may be notified by the Board in the Official Gazette, for the welfare of employees or their
dependants and of which fund such employees are members if such fund fulfils the following
conditions, namely:—
(a) the fund—
(i) applies its income or accumulates it for application, wholly and exclusively to the
objects for which it is established; and
(ii) invests its funds and contributions and other sums received by it in the forms or
modes specified in sub-section (5) of section 11;
(b) the fund is approved by the 6[Principal Commissioner or Commissioner] in accordance
with the rules made in this behalf:
Provided that any such approval shall at any one time have effect for such assessment year or
years not exceeding three assessment years as may be specified in the order of approval;]
omitted by Act 20 of 2002, s. 4 (w.e.f. 12003). Earlier Clause
omitted by Act 4 of 1988, s. 6
(w.e.f. 11989) and then restored by Act 3 of 1989, s. 95 (w.e.f. 11989).
85
1[
any income (other than income chargeable under the head2***“Income from house
property” or any income received for rendering any specific services or income by way of interest or
dividends derived from its investments) of an association or institution established in India having as
its object the control, supervision, regulation or encouragement of the profession of law, medicine,
accountancy, engineering or architecture or such other profession as the Central Government may
specify in this behalf, from time to time, by notification in the Official Gazette:
Provided that—
the association or institution applies its income, or accumulates it for application, solely
to the objects for which it is established; and
the association or institution is for the time being approved for the purpose of this clause
by the Central Government by general or special order:]
3[Provided further that where the association or institution has been approved by the Central
Government and subsequently that Government is satisfied that—
such association or institution has not applied or accumulated its income in accordance
with the provisions contained in the first proviso; or
the activities of the association or institution are not being carried out in accordance with
all or any of the conditions subject to which such association or institution was approved,
it may, at any time after giving a reasonable opportunity of showing cause against the proposed
withdrawal to the concerned association or institution, by order, withdraw the approval and forward a
copy of the order withdrawing the approval to such association or institution and to the Assessing
Officer;]
4[
any income received by any person on behalf of any Regimental Fund or Non-Public
Fund established by the armed forces of the Union for the welfare of the past and present members of
such forces or their dependants;]
5[
any income received by any person on behalf of a fund established, for such purposes
as may be notified by the Board in the Official Gazette, for the welfare of employees or their
dependants and of which fund such employees are members if such fund fulfils the following
conditions, namely:—
the fund—
applies its income or accumulates it for application, wholly and exclusively to the
objects for which it is established; and
invests its funds and contributions and other sums received by it in the forms or
modes specified in sub-section
of section 11;
the fund is approved by the 6[Principal Commissioner or Commissioner] in accordance
with the rules made in this behalf:
Provided that any such approval shall at any one time have effect for such assessment year or
years not exceeding three assessment years as may be specified in the order of approval;]