EXEMPTIONS AND ALLOWANCES: Income Tax Manual- 2019, Part-1, CHAPTER--VI

Income Tax Manual- 2019

(Part-1)

 

CHAPTER VI

EXEMPTIONS AND ALLOWANCES

44. Exemption-

(1) Notwithstanding anything contained in this Ordinance, any income or class of income or the income of any person or class of persons specified in Part A of the  Sixth Schedule shall be exempt from the tax payable under this Ordinance, subject to the limits, conditions and qualifications laid down therein and shall be excluded from the computation of total income under this Ordinance.

 

THE SIXTH SCHEDULE

PART A

EXCLUSIONS FROM TOTAL INCOME

[See section 44(1)]

 1. (1) Any income derived from ‘[house property] held under trust or other legal obligation ²[ or from operation of micro credit by such trust or obligation] wholly for religious or charitable purposes, and in the case of ¹[house property] so held in part only for such purposes the income applied, or finally set apart for application, thereto.

³[Explanation.- The provisions o this paragraph shall not apply in the case of a non-government organization registered with NGO Affairs Bureau.]

2. ²[Any voluntary contributions received by a religious or charitable institution] and applicable solely to religious or charitable purposes:

Provided that nothing contained in paragraph 1 or 2 shall operate to exempt from the provisions of this Ordinance that part of the total income of a private religious trust which does not ensure for the benefit of the public.