(See section 11)
INCOME NOT TO BE INCLUDED IN TOTAL INCOME In computing the total income of a person for a tax year, the income mentioned in column B of the Table below shall not be included, subject to fulfilment of the conditions mentioned in column C of the said Table, and the expressions used in columns B and C of the said Table, shall have the meaning respectively assigned to them in the Notes below the said Table. Table Note 1. For the purposes of Sl. No. 2,––
"actual capital sum assured" shall have the meaning assigned to it in paragraph 2(2) of Schedule XV;
"International Financial Services Centre Insurance Office" shall have the same meaning as assigned to it regulation 3(1)(k) of the International Financial Services Centre Authority (Registration of Insurance Business) Regulations, 2021, made under the International Financial Services Centres Authority Act, 2019 (50 of 2019)
"Keyman insurance policy" means a life insurance policy––
taken by a person on the life of another person;
such person is or was the employee of the first-mentioned person or is or was connected in any manner with the business of the first-mentioned person; and
includes such policy which has been assigned to a person at any time during the term of the policy, with or without any consideration;
"premium to sum assured ratio" shall mean the highest percentage of annual premium payable to the actual capital sum assured, during the term of the policy;
"special policy" means any policy issued on life of any person, who is—
a person with disability or a person with severe disability as referred to in section 154; or
suffering from disease or ailment as specified in the rules made under section 128.
"United Linked Insurance Policy" means a unit linked life insurance policy,––
which has components of both investment and insurance; and
is linked to a unit as defined in regulation 3(ee) of the Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019 made under the Insurance Regulatory and Development Authority Act, 1999(41 of 1999); Note 2: For the purposes of Sl. No. 7, the expression "Agniveer Corpus Fund" and "Agnipath Scheme" shall have the meanings respectively assigned to them in section 125. Note 3: For the purposes of Sl. No. 11, the expression "interest" includes hedging transaction charges on account of currency fluctuation. Note 4: For the purposes of Sl. No. 13, the expression "State Pooled Finance Entity" means such entity which is set up as per the guidelines for the Pooled Finance Development Scheme notified by the Central Government in the Ministry of Housing and Urban Affairs.
[ Similar to Section 10, Section 10(1), Section 10(10D), Section 10(11), Section 10(12), Section 10(11A), Section 10(12A), Section 10(12C), Section 10(13), Section 10(16), Section 10(17A), Section 10(15)(i), Section 10(15)(vi), Section 10(15)(vii), Section 10(33), Section 10(12AA), Section 10(12AB), Section 10(15)(iii), Section 10(15)(iv)(c), Section 10(15)(iv)(d), Section 10(15)(iv)(e), Section 10(15)(iv)(f), Section 10(15)(iv)(g), Section 10(15)(iv)(h), Section 10(36) from The Income Tax Act, 1961 -Also Refer]