Income Tax Act, 2025
Section 8: Ins. by Act 12 of 1990, s. 3 (w.e.f. 1 1962).
8. Ins. by Act 12 of 1990, s. 3 (w.e.f. 1 1962).
42
1[(vb) any sum chargeable to income-tax under clause (iiib) of section 28;]
2[(vc) any sum chargeable to income-tax under clause (iiic) of section 28;]
3[(vd)] the value of any benefit or perquisite taxable under clause (iv) of section 28;
4[(ve) any sum chargeable to income-tax under clause (v) of section 28;]
(vi) any capital gains chargeable under section 45;
(vii) the profits and gains of any business of insurance carried on by a mutual insurance
company or by a co-operative society, computed in accordance with section 44 or any surplus
taken to be such profits and gains by virtue of provisions contained in the First Schedule;
5[(viia) the profits and gains of any business of banking (including providing credit facilities)
carried on by a co-operative society with its members;]
6* * * * *
7[(ix) any winnings from lotteries, crossword puzzles, races including horse races, card games
and other games of any sort or from gambling or betting of any form or nature whatsoever.]
8[Explanation.—For the purposes of this sub-clause,—
(i) “lottery” includes winnings from prizes awarded to any person by draw of lots or by
chance or in any other manner whatsoever, under any scheme or arrangement by whatever
name called;
(ii) “card game and other game of any sort” includes any game show, an entertainment
programme on television or electronic mode, in which people compete to win prizes or any
other similar game;]
9[(x) any sum received by the assessee from his employees as contributions to any provident
fund or superannuation fund or any fund set up under the provisions of the Employees’ State
Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees;]
10[(xi) any sum received under a Keyman insurance policy including the sum allocated by
way of bonus on such policy.
Explanation.—For the purposes of this clause, the expression “Keyman insurance policy”
shall have the meaning assigned to it in the Explanation to clause (10D) ofsection 10;]
11[(xii) any sum referred to in 12[clause (va) of section 28;]
13[(xiia) the fair market value of inventory referred to in clause (via) of section 28;]
14[(xiii) any sum referred to in clause (v) of sub-section (2) of section 56;]
any sum chargeable to income-tax under clause
of section 28;]
2[
any sum chargeable to income-tax under clause
of section 28;]
3[
of section 28;
4[
any sum chargeable to income-tax under clause
of section 28;]
any capital gains chargeable under section 45;
the profits and gains of any business of insurance carried on by a mutual insurance
company or by a co-operative society, computed in accordance with section 44 or any surplus
taken to be such profits and gains by virtue of provisions contained in the First Schedule;
5[
the profits and gains of any business of banking (including providing credit facilities)
carried on by a co-operative society with its members;]
6* * * * *
7[
any winnings from lotteries, crossword puzzles, races including horse races, card games
and other games of any sort or from gambling or betting of any form or nature whatsoever.]
8[Explanation.—For the purposes of this sub-clause,—
“lottery” includes winnings from prizes awarded to any person by draw of lots or by
chance or in any other manner whatsoever, under any scheme or arrangement by whatever
name called;
“card game and other game of any sort” includes any game show, an entertainment
programme on television or electronic mode, in which people compete to win prizes or any
other similar game;]
9[
any sum received by the assessee from his employees as contributions to any provident
fund or superannuation fund or any fund set up under the provisions of the Employees’ State
Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees;]
10[
any sum received under a Keyman insurance policy including the sum allocated by
way of bonus on such policy.
Explanation.—For the purposes of this clause, the expression “Keyman insurance policy”
shall have the meaning assigned to it in the Explanation to clause
ofsection 10;]
11[
any sum referred to in 12[clause
of section 28;]
13[
the fair market value of inventory referred to in clause
of section 28;]
14[
any sum referred to in clause
of sub-section
of section 56;]