Tax-Free Salary Components: A Comprehensive Guide to Exemptions Under Section 10 of Income Tax Act
This salary-specific exemptions under section 10 of Income Tax regulations. It details various allowances and payments exempt from taxation, including leave travel concession, gratuity, pension, provident fund payments, house rent allowance, and numerous specialized allowances. For each exemption, the document specifies the applicable limits and conditions. Key exemptions include voluntary retirement compensation (up to 500,000), HRA (subject to specific calculation rules), and various allowances for education, transport, and special duty conditions. The document serves as a ready reference for determining tax-exempt components of salary income.
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