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Exempted Income u/s 10 - Income Specific - Exemptions and Deductions - Income Tax

Exempted Income u/s 10 - Income Specific
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EXEMPTED INCOMES (SEC 10)

Income tax act provides multiple tax exemptions to a Person. A lot of such exemptions fall under section 10 of income tax act.

INCOME SPECIFIC EXEMPTIONS

Section

Particulars

(For conditions / details see the relevant clauses)

Limit of Exemption

(specified incomes)

10(1)

Agriculture Income

Fully Exempt

10(2A)

Share of Income from the Firm

Fully Exempt

10(8)

An individual who is assigned to duties in India in connection with any co-operative technical assistance programmes and projects

Fully Exempt

10(10BB)

Payments made under the Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 or scheme

Fully Exempt

10(10BC)

Compensation received on account of any disaster

Exempt to the extent of amount received.

10(10D)

Sum received from Life Insurance Policy

Exempt to the extent of amount received.

10(11)

Amount received on retirement from SPF / Maturity from PPF

Exempt to the extent of amount received.

10(12)

Amount received on retirement from RPF

Exempt to the extent provided in Rule 8 of Part A of the Fourth Schedule

10(13)

Payment from Superannuation Fund

Exempt to the extent to which such payment does exceed the contributions made prior to the commencement of this Act.

10(15)(i)

Interest on Securities issued by C.Govt. and deposits as notified

Exempt subjection to conditions

10(15)(iib)

Interest on Capital Investment Bonds - as notified by the C. Govt. before 1.6.2002 – In case of Individuals and HUF

Fully Exempt

10(15)(iic)

Interest on Relief Bonds as Notified - In case of Individuals and HUF

Fully Exempt

10(15)(iid)

Interest on notified bonds (before 1.6.2002) arising to Non-Residents

Fully Exempt

10(15)(iii)

Interest on securities held by the Issue Department of the Central Bank of Ceylon

Fully Exempt

10(15)(iiia)

Interest payable to any bank incorporated in a country outside India and authorised to perform central banking functions in that country on any deposits made by it with any Scheduled Bank

Fully Exempt

10(15)(iiib)

Interest payable to the Nordic Investment Bank

Fully Exempt as per MOU

10(15)(iiic)

Interest payable to the European Investment Bank

Fully Exempt as per Agreement

10(15)(iv)(fa)

Interest payable by a Scheduled bank to non-resident on deposits in foreign currency

Fully Exempt – if approved by RBI

10(15)(iv)(h)

Interest payable by PSU in respect of bonds and debentures as notified

Fully Exempt

10(15)(iv)(i)

Interest on deposits made by the Employees of Govt. out of retirement benefits in accordance with the scheme

Fully Exempt, as per the scheme

10(15)(v)

Interest on securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, and

deposits for the benefit of the victims of the Bhopal gas leak disaster

Fully exempt – subject to conditions

10(15)(vi)

Interest on Gold Deposit Bonds (Scheme 1999)

Interest on deposit certificates issued under the Gold Monetisation Scheme, 2015

Fully Exempt

10(15)(vii)

Interest on bonds - issued by a local authority or by a State Pooled Finance Entity

Interest on specified bonds as notified

Fully Exempt

10(16)

Scholarships granted to meet the cost of education;

Fully Exempt

10(17) Daily allowance & Constituency allowance of M.P./M.L.A. Fully Exempt

10(17A)

Award Money (cash or kind) as approved or notified in this behalf

Fully Exempt

10(18)

Pension received by the winners of Vir Chakra etc.

Fully Exempt

10(19) read with Rule 2BBA

Family Pension received by family members of Armed Force

Exempt to the extent of amount received.

10(23C)

Income received by any person on behalf of specified national funds approved public charitable institutions, education Institute and Hospital

Fully Exempt

10(23F)

Dividends or long-term capital gains of a venture capital fund or a venture capital company

Fully Exempt

10(23FD)

Any distributed income, referred to in section 115UA, received by a unit holder from the business trust

Exempt other than Specified Amount

10(32)

Income of Minor Child clubbed under section 64(1A)

Actual income of a minor child or 1,500 whichever is less.

10(33)

Capital Gain on transfer of a unit of the Unit Scheme, 1964

Fully Exempt

10(34)

Any income by way of dividends referred u/s 115-O (excluding u/s 115BBDA)

Exempt to the extent of amount received.

10(34A)

Income to a shareholder on buyback of shares of unlisted company

Exempt to the extent of amount received.

10(35)

Income from units of UTI and other mutual funds

Fully Exempt

10(35A)

Income received by any person being an investor of the Securitization Trust from such a trust, by way of distributed income referred to in section 115TA (before 1.6.2016)

 

Fully Exempt

10(37)

Capital Gain on compulsory acquisition of urban Agricultural Land

Fully Exempt

10(37A)

Capital gain of transfer of specified assets (as held on 2.6.2016) under Andhra Pradesh Land Pooling Scheme

Fully Exempt

10(38)

Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT)

LTCG on transfer of equity share in a company or a unit of an equity oriented fund or a unit of a business trust [w.e.f. 1.4.2019]

 

Fully Exempt

10(39)

Income from any international sporting event held in India, as Notified

Fully Exempt

10(40)

Income received as grant by a subsidiary company (business of generation or transmission or distribution of power) as notified u/s 80-IA(4)(v)(a)

Fully Exempt

10(43)

Amount of loan received under reverse mortgage u/s 47(xvi)

Fully Exempt

10(44)

Any income received by any person for, or on behalf of, the New Pension System Trust

Fully Exempt

10(50)

Specified services on which  equalisation levy is chareable under Chapter VIII of Finance Act, 2016

Fully Exempt

 

 

 
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