Home > Income Tax Act 2025 > Schedule VIILast Updated: Oct 08th 2025
"Schedule VII" provides for Persons Exempt From Tax. Learn to understand the "Schedule VII" as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
Any eligible person, mentioned in column B of the Table below, shall not be liable to pay income-tax on the total income for any tax year, subject to the conditions mentioned in column C of the said Table, and the expression used in columns B and C of the said Table, shall have the meanings respectively assigned to them in the Notes below the said Table.
Sl No. | Eligible persons | Conditions |
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A | B | C |
1 | Any regimental Fund or Non- public Fund established by the armed forces of the Union. | Such Fund is for the welfare of the past and present members of the armed forces or their dependants. |
2 | Any fund established for such purposes as may be notified by the Board for the welfare of employees or their dependants and such employees are members of such fund. |
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3 | Any fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st August, 1996 or any other insurer under a pension scheme. |
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4 | An authority (whether known as the Khadi and Village Industries Board or by any other name). | Such authority is established in a State by or under a State Act or Provincial Act for the development of khadi or village industries in the State. |
5 | Any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central Act or State Act or Provincial Act. |
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6 | SAARC Fund for Regional Projects set up by Colombo Declaration issued on the 21st December, 1991 by the Heads of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th December, 1985 by the Charter of the South Asian Association for Regional Cooperation. | Nil. |
7 | Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). | Nil. |
8 | Central Electricity Regulatory Commission constituted under section 76(1) of the Electricity Act, 2003 (36 of 2003). | Nil. |
9 | Prasar Bharati (Broadcasting Corporation of India) established section 3(1) of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990). | Nil. |
10 | The Prime Minister’s National Relief Fund or the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND). | Nil. |
11 | The Prime Minister’s Fund (Promotion of Folk Art). | Nil. |
12 | The Prime Minister’s Aid to Students Fund. | Nil. |
13 | The National Foundation for Communal Harmony. | Nil. |
14 | The Swachh Bharat Kosh, set up by the Central Government. | Nil. |
15 | The Clean Ganga Fund set up by the Central Government. | Nil. |
16 | The Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund in respect of any State or Union territory as referred to in section 133(1)(a)(xv). | Nil. |
17 | Any University or other educational institution wholly or substantially financed by the Government. |
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18 | Any hospital or other institution wholly or substantially financed by the Government. |
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19 |
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20 | A Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder. | Nil. |
21 | Any Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India. | Such conditions as the Central Government may, by notification, specify. |
22 | A recognised provident fund. | Nil. |
23 | An approved superannuation fund. | Nil. |
24 | An approved gratuity fund. | Nil. |
25 | Deposit-linked Insurance Fund established under section 3G of the Coal Mines Provident Funds and Miscellaneous Provisions Act, 1948 (46 of 1948). | Nil. |
26 | Deposit-linked Insurance Fund established under section 6C of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). | Nil. |
27 | Employees’ State Insurance Fund set up under the provisions of the Employees’ State Insurance Act, 1948 (34 of 1948). | Nil. |
28 | An agricultural produce market committee or board constituted under any law. | Such committee or board is constituted for the purpose of regulating the marketing of agricultural produce. |
29 | A corporation established by a Central Act or State Act or Provincial Act or of any other body, institution or association (being a body, institution or association wholly financed by the Government). | Such corporation or other body or institution or association has been established or formed for promoting the interests of the members of the Scheduled Castes or the Scheduled Tribes or backward classes, or of any two, or all of them. |
30 | A corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. | Nil. |
31 | Any corporation established by a Central Act or State Act or Provincial Act for the welfare and economic upliftment of ex-servicemen being the citizens of India. | Nil. |
32 | Any co-operative society formed for promoting the interests of the members of either the Scheduled Castes or Scheduled Tribes, or both. | Membership of such co-operative society shall consist of only other co-operative societies formed for similar purposes and the finances of the society are provided by the Government and such other societies. |
33 | Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942). | Nil. |
34 | Rubber Board constituted under section 4(1) of the Rubber Board Act, 1947 (24 of 1947). | Nil. |
35 | Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953). | Nil. |
36 | Tobacco Board constituted under the Tobacco Board Act, 1975 (4 of 1975). | Nil. |
37 | Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972 (13 of 1972). | Nil. |
38 | Agricultural and Processed Food Products Export Development Authority established under section 4 of the Agricultural and Processed Food Products Export Development Act, 1985 (2 of 1986). | Nil. |
39 | Spices Board constituted under section 3(1) of the Spices Board Act, 1986 (10 of 1986). | Nil. |
40 | Coir Board established under section 4 of the Coir Industry Act, 1953 (45 of 1953). | Nil. |
41 | New Pension System Trust established on the 27th February, 2008 under the provisions of the Indian Trusts Act, 1882 (2 of 1882). | Nil. |
42 | Any body or authority or Board or Trust or Commission, not being a company, which has been established or constituted by or under a Central Act or State Act with one or more of the following purposes,—
| Such body or authority or Board or Trust or Commission is notified by the Central Government. |
43 | National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government. | Nil. |
44 | A credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited. | Nil. |
45 | Credit Guarantee Fund Trust for Micro and Small Enterprises, being a trust created by the Central Government and the Small Industries Development Bank of India established under section 3(1) of the SmallIndustries Development Bank of India Act, 1989 (39 of 1989). | Nil. |
46 | An infrastructure debt fund. | Such fund is set up as per the guidelines issued by the Central Government, by notification. |
47 | An institution established for financing the infrastructure and development set up under an Act of Parliament. | Such exclusion from total income is for ten consecutive tax years, beginning from the tax year in which such institution is set up and such institution is notified by the Central Government. |
48 | A developmental financing institution, licensed by the Reserve Bank of India under an Act of Parliament referred to against serial number 47. |
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Note 1.—For the purposes of Sl. No 3, the expression "Controller of Insurance" shall have the same meaning as assigned to it in section 2(5B) of the Insurance Act, 1938 (4 of 1938).
Note 2.—For the purposes of Sl. No 4, the expression "khadi" and "village industries" shall have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956).
Note 3.—For the purposes of Sl. No 21, the expression "public financial institution" shall have the same meaning as assigned to it in section 2(72) of the Companies Act, 2013 (18 of 2013).
Note 4.—For the purposes of Sl. No 29,––
Note 5.—For the purposes of Sl. No 30, the expression "minority community" means a community notified as such by the Central Government.
Note 6.—For the purposes of Sl. No 31, the expression "ex-servicemen" means persons––
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.