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Exempted Income u/s 10 - Assessee Specific

Income Tax - Exemptions and Deductions - 01 - 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. ASSESSEE SPECIFIC EXEMPTIONS Section Particulars (For conditions / details see the relevant clauses) Limit of Exemption Exemption available to 10(2) Receipt of any sum out the Income of the HUF - Subject to Section 64(2) Entire Amount Individual being member of HUF 10(2A) Share of Income from the Fir .....

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(for altitude above 15,000 feet) Individual - Members of Armed Forces 10(14) Highly active field area allowance is granted to members of armed forces (Subject to certain conditions and locations) Up to 4,200 per month Individual - Members of Armed Forces 10(14) Island Duty Allowance is granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations) Up to 3,250 per month Individual - Members of Armed Forces 10(14) Underground .....

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dividual - Winner of Vir Chakra etc. 10(19A) Annual Value of any one palace in the occupation of the Ruler (House property income) Fully Exempt Ruler 10(20) Income from House Property or Capital Gains or Income from other sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service Fully Exempt Local Authority 10(21) Any income of an approved Research Association - approved for the purposes of Section 35(1)(ii) or (iii) Fully Exempt Appro .....

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e notified by the Board in the Official Gazette, for the welfare of employees or their dependants Fully Exempt As notified 10(23AAB) Any income of a Pension Scheme fund established by LIC or any other insurer Insurance co. 10(23B) Income of Institutions established for development of Khadi and Village Industries Fully Exempt Institutions established for development of Khadi and Village Industries 10(23BB) Income of an authority established for the development of khadi or village industries in th .....

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Institutions Fully Exempt ASOSAI-SECRETARIAT 10(23BBE) Income of the Insurance Regulatory and Development Authority Fully Exempt IRDA 10(23BBF) Income of the North-Eastern Development Finance Corporation Limited Fully Exempt subject to conditions NEDFC 10(23BBG) Income of the Central Electricity Regulatory Commission Fully Exempt CERC 10(23BBH) Income of the Prasar Bharati Fully Exempt Prasar Bharati 10(23D) Income of Mutual Fund Fully Exempt Mutual Fund 10(23DA) Income of a securitisation trust .....

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10(23EE) Specified income of such Core Settlement Guarantee Fund Fully Exempt Set up by a recognised clearing corporation 10(23FA) Dividends or long-term capital gains (except u/s 115-O) Fully Exempt Venture capital fund or a venture capital company 10(23FB) Any income, if set up to raise funds for investment in a venture capital undertaking Fully Exempt Venture capital company or venture capital fund 10(23FBA) Any income other than the income chargeable under the head Profits and gains of busin .....

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Any income Fully Exempt Employees' State Insurance Fund 10(26) Any income from any source in the areas, or dividend or interest on securities Fully Exempt Persons of States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura and Ladakh region 10(26AA) Income from any source in the State of Sikkim; or dividend or interest on securities: Fully Exempt Sikkimese 10(26AAB) Any Income Fully Exempt Agricultural produce market committee or board 10(26B) Any income Fully Exempt Corporation e .....

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