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Exempted Income

Exempted income refers to income that is not included in the total income of an assessee and is outlined in Section 10 of the tax code. Various types of exempted income include agricultural income, shares in HUF income, certain government employee benefits, and specific allowances and compensations. The document lists numerous categories and sections under which these exemptions apply.

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12 views2 pages

Exempted Income

Exempted income refers to income that is not included in the total income of an assessee and is outlined in Section 10 of the tax code. Various types of exempted income include agricultural income, shares in HUF income, certain government employee benefits, and specific allowances and compensations. The document lists numerous categories and sections under which these exemptions apply.

Uploaded by

sayoojpp1223
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

EXEMPTED INCOME

EXEMPTED INCOME MEANS INCOME WHICH DO NOT FORM PART OF TOTAL


INCOME.
Sec. 10 enlists the various income which are exempt from tax i.e. does not form part of total
income of the assessee. These are
Agricultural Income [Sec. 10(1)]
Member’s Share in Income of HUF [Sec. 10(2)]
Share of Profit from a Firm [Sec. 10(2A)]
Interest Income of Non-resident [Sec. 10(4)/(4B)]
Leave Travel Concession [Sec. 10(5)]
Income from service provided to National Technical Research Organization [Sec. 10(6D)]
Allowance or Perquisite paid Outside India [Sec. 10(7)]
Death-cum-retirement-gratuity of govt employees [Sec. 10(10)]
Commutation of Pension of govt employees [Sec. 10(10A)]
Leave Encashment of govt employees [Sec. 10(10AA)]
Workmen’s Retrenchment Compensation [Sec. 10(10B)]
Compensation under Bhopal Gas Leak Disaster Act, 1985 [Sec. 10(10BB)]
Compensation for any Disaster [Sec. 10(10BC)]
Payment under Voluntary Retirement Scheme [Sec. 10(10C)]
Sum received under a Life Insurance Policy [Sec. 10(10D)]
Payment from Statutory or Public Provident Fund [Sec. 10(11)]
Payment from Sukanya Samriddhi Account [Sec. 10(11A)]
Payment from Recognized Provident Fund [Sec. 10(12)]
Payment from National Pension Trust [Sec. 10(12A) &10(12B)]
Scholarship [Sec. 10(16)]
Daily Allowance, etc. to MP and MLA [Sec. 10(17)]
Awards and Rewards [Sec. 10(17A)]
Pension to receiver of Gallantry Awards [Sec. 10(18)]
Family Pension to Widow or Children of Armed Force [Sec. 10(19)]
Income of Local Authority [Sec. 10(20)]
Income of Scientific Research Association [Sec. 10(21)]
Income of News Agency [Sec. 10(22B)]
Income of Professional Institutions [Sec. 10(23A)]
Income of specified Employee Welfare Fund [Sec. 10(23AAA)]
Income of specified Pension Fund [Sec. 10(23AAB)]
Income of trust for Development of Khadi and Village Industries [Sec. 10(23B)]
Income of Khadi and Village Industries Boards [Sec. 10(23BB)]
Income of body formed for Administration of Public Religious or Charitable Trusts [Sec.
10(23BBA)]
Income of Trade Union [Sec. 10(24)]

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