Tools

Money Tree  Buy MF Online
Money Tree Retirement Planning Calc
Money Tree Other Calculators
Money Tree Downloads
Money Tree Sending Greeting Cards
Money Tree LIC Nav
Money Tree Human Life Value Calc
Money Tree Delay Cost Calc
Advertiesment
Money Tree

Income Tax Exemption | Money Tree Solution Place

 

 According to Chapter III of the Income Tax Act, 1961 there is a provision of exemptions in income tax. There are few types of specified income on which a person can get exemption. It means that at the time of calculating annual income, this type of income will not be added. For claiming any of these exemptions, it is necessary to furnish documents which shows that your income comes under this list. If a person doesnt furnish required documents then he/ she will not be entitled for this

 

INCOME TYPE UNDER SECTION
Agriculture Income 10(1)
Receipts from a Hindu Undivided Family being paid out of familys income or in the case of an impartible estate belonging to family being paid out of such estates income 10(2)
Share of partner in total income of a firm which is assessed separately as such. 10(2A)
Receipts being in the nature of casual and non-recurring nature not exceeding Rs. 5,000/- (Rs. 2500/- in the case of winnings from horse races, etc). 10(3)
Interest on securities and bonds including premium on redemption of bonds by Non Resident as notified by Central Government. 10(4)(i)
Interests on amounts in Non-resident (External) Account in any bank in India being maintained as per FERA, 1973 and rules thereunder by an individual.. 10(4)(ii)
Interest on specified Central Governments Savings Certificates which were subscribed to, in convertible foreign exchange remitted from a country outside India as per FERA and rules thereunder by an individual citizen or a person of Indian Origin.. 10(4B)
Value of Leave Travel Concession or assistance not exceeding the amount actually spent. 10(5)
Specified remuneration to a foreigner and non-resident individual for shooting of film in India who comes solely for such purpose. 10(5A)
Income-tax paid by the employer carrying on scientific research in respect of the salary income of certain technicians from abroad commencing from 1.4.93 subject to conditions stated therin. 10(5B)
Incomes of foreigners as passage money. 10(6)(i)
Remuneration received by an ambassador, diplomats, etc. as specified. 10(6)(ii)
Remuneration received by employees of foreign companies in respect of services rendered during stay in India subject to conditions as specified. 10(6)(vi)
Remuneration received from foreign philanthropic institutions etc. in respect of services rendered in India subject to both the institutions and the purposes thereof being approved by the Central Govt. 10(6)(via)
Income-tax paid by the employer carrying on scientific research in respect of the salary income of certain technicians from abroad commencing from 1.4.88 till 31.3.93 subject to conditions stated therein. 10(6)(viia)
Salaries to non-resident employed on a foreign ship subject to aggregate stay of not more than 90 days in the previous year. 10(6)(viii)
Salaries to non-resident professors or teachers. 10(6)(ix)
Income of individuals engaged in research work in India under duly approved research schemes. 10(6)(x)
Remuneration received from foreign government for training in a government office or undertaking as employee. 10(6)(xi)
Death-cum-retirement gratuity payable to specified members of civil or defence services. 10(10)(i)
Gratuity not exceeding Rs.3 ½ Lakhs payable under the Payment of Gratuity Act, 1972 10(10)(ii)
Any other gratuity not exceeding Rs. 2 ½ Lakhs received by employee on retirement or termination of his services or by legal heirs on death of employee limited to 15 days salary for each completed year of service. 10(10)(iii)
Receipt in respect of commutation of pension as per specified limits. 10(10A)
Leave encashment not exceeding 8 months salary and subject to specified conditions & limits. 10(10AA)
Compensation paid to employees on account of retrenchment under Industrial Disputes Act, 1947: Ascertainment of amount to be either minimum Rs. 50,000 or as per the said Act whichever is less. 10(10B)
Payments made under Bhopal Gas Leak Disaster Act, 1985. 10(10BB)
Receipt of amount on voluntary retirement upto Rs. 5,00,000 subject to specified scheme and guidelines and necessary approval. 10(10c)
Payment on a Life Insurance Policy, including bonus thereon but excluding therefrom amounts received u/s 80DDA(3). 10(10D)
Receipt of Payment from Public Provident Fund or Statutory Provident Fund. 10(11)
Payment to employee from recognised provident fund in respect of accumulated balance standing to the credit thereof. 10(12)
Receipt of Payment from Superannuation Fund subject to specified conditions and limits. 10(13)
Special allowance to employee viz., house rent allowance. 10(13A)
Special benefit to employees within meaning of s.17(2) subject to conditions stated therein. 10(14)
Receipt of premium on account of Exchange risk from borrower of foreign currency. 10(14A)
Receipt of interest or premium on redemption etc. on notified securities, bonds etc. such as monthly payment on 15-year Annuity Certificates subject to specified condition and limits. 10(15)(i)
Interest on the new Capital Investment Bonds. 10 (15)(iib)
Interest income from notified Relief Bonds w.e.f., assessment year 1989-90. 10 (15)(iic)
Interest on notified bonds owned by a non-resident etc. and bought in foreign exchange subject to certain conditions. 10 (15)(iid)
Interest on securities under the Ceylon Monetary Law Act, 1949 10 (15)(iii)
Interest payable to any bank incorporated outside India and approved by RBI. 10 (15)(iiia)
Receipt of interest from Govt. etc. on moneys lent to them from sources outside India. 10 (15)(iv)(a)
Receipt of interest from industrial undertaking in India being approved foreign financial institutions in respect of moneys lent to it. 10 (15)(iv)(b)
Receipt of interest from industrial undertaking in India in respect of moneys lent to it outside India for purchases of raw materials, plant & machinery, etc. from abroad. 10 (15)(iv)(c)
Receipt of interest from specified financial institution in India in respect of moneys lent to it from sources outside India. 10 (15)(uv)(d)
Receipt of interest from financial institution other than those covered by 15(iv)(d) above in respect of moneys lent to it from sources outside India for the purposes as specified. 10 (15)(iv)(e)
Receipt of interest from industrial undertaking in India in respect of moneys lent to it in foreign currency from sources outside India. 10 (15)(iv)(f)
Receipt of interest from scheduled bank in respect of deposits made in foreign currency subject to same being duly approved by the RBI. 10(15) (iv)(fa)
Receipt of interest from public company having been formed and registered in India to provide long-term finances for construction/purchase of houses in respect of moneys lent to it in foreign currency from sources outside India. 10 (15)(iv)(g)
Receipt of interest from public sector company in respect of bonds and debentures as notified. 10 (15)(iv)(h)
Receipt of interest from Government in respect of deposits made in its specified schemes from funds due on retirement. 10 (15)(iv)(i)
Receipt of interest on securities held by Welfare Commissioner, Bhopal Gas Victims as also on deposits made with RBI or Public Bank from 1-4-1994 for the benefit of such victims. 10 (15)(v)
Receipt of payment from an Indian company carrying on business of operation of aircraft, to acquire an aircraft or aircraft engine excluding spares etc., on lease from foreign Govt. or enterprise under an agreement entered into before 1-4-1997 and being duly approved. 10(15A)
Scholarships granted to meet the cost of education 10(16)
Daily allowances received by MPs, MLAs and MLCs. 10(17)(ii)
Receipt of allowances by MPs under the Member of Parliament [Constituency Allowance] Rules, 1986. 10(17)(ii)
Receipt of allowances by MLAs under the limit of Rs. 2,000/- per month 10(17)(iii)
Receipt of any amount in connection with an award, including award in kind, for literary, scientific or artistic work etc. instituted by Government etc. 10(17A)(i)
Receipt of amount in connection with a reward including award in kind from Government in respect of public interest purposes. 10 (17A)(ii)
Receipt of ex-gratia payments from Government to ex-rulers in respect of abolition of their privy purses. 10(18A)
Amount calculated as annual value being the notional value in respect of any one palace to be treated for the purpose as residence by ex-ruler. 10(19A)
Income of a local authority as specified. 10(20)
Income of a development or housing improvement authority in a city and/or village. 10(20A)
Income of approved scientific and research association. 10(21)
Income of a university or other educational institution. 10(22)
Income of a hospital or other such institution working exclusively for philanthropic purposes and not for profit. 10(22A)
Income of news agency having been set up in India for the sole purpose of collection & distribution of news provided its income in any way is not distributed to its members. 10(22B)
Income of associations for promotion of sports, etc. as specified. 10(23)
Any income of associations or institutions for controlling professions of law, medicine, engineering, accountancy, architecture, etc., except incomes derived from house property or for rendering any specified services or interest on/dividends from its investments. 10(23A)
Income of regiment Fund or Nonpublic fund of armed forces established for welfare of past and present members 10(23AA)
Income of a fund established for welfare of employees or their dependents, the employees being members thereof subject to fulfillment of conditions as to approval and otherwise. 10 (23AAA)
Income of fund set up by LIC from 1-4-1996 in respect of pension scheme subject to conditions as specified. 10 (23AAB)
Income of a charitable trust or registered society, etc. working exclusively for development of khadi & village industries and not for profit as per conditions specified. 10(23B)
Income of Khadi & Village Board, etc.. 10(23BB)
Income received by a statutory public religious or charitable trust or endowment. 10 (23BBA)
Income of European Economic Community derived in India in the shape of interest, dividends or capital gains arising out of investments from its funds under such schemes as notified. 10 (23BBB)
Any income of SAARC Fund having been established under Colombo Declaration dt. 21-12-91 by Heads of State or Government of member countries for the purposes of development of regional projects. 10 (23BBC)
Income on behalf of Prime Ministers National Relief Fund. 10 (23C)(i)
Income on behalf of Prime Ministers Fund (Promotion of Folk Art.) 10 (23C)(ii)
Income on behalf of Prime Ministers Aid to Students Fund. 10 (23C)(iii)
Income of National Foundation for Communal Harmony. 10 (23C) (iii)(a)
Income of any fund or institution established for charitable cause. 10 (23c)(iv)
Income of any trust or institution established wholly for public religious and/or charitable purposes subject to specified conditions. 10 (23c)(v)
Income of specified Mutual Funds registered and/or set up under /by SEBI Act, 1992; public-sector bank/financial institution or RBI fulfilling such conditions as specified. 10(23D)
Income of Exchange Risk Administration Fund having been set up by public financial institutions either jointly or separately as per specified conditions. 10(23E)
Income in the shape of dividends or long-term capital gains derived by a venture capital fund/company from its investments in the equity of a venture capital undertaking 10(23F)
Income in the shape of dividends, interest or long-term capital gains derived by a infrastructure capital fund/company from its investments in the equity or long-term finance of any infrastructure facility oriented enterprise fulfilling such conditions as specified. 10(23G)
Income of registered trade-union relating to "income from house property" and "income from other sources" as specified. 10(24)
income received by trustees of Provident, Superannuation & Gratuity Funds relating to interest on securities and capital gains resulting from sale or exchange of such securities as specified. 10(25)
Income of Employees State Insurance Fund as specified. 10(25A)
Income of member of Scheduled tribes as specified. 10(26)
Income accruing to any person from any source of income in the district of Ladakh or outside India subject to the person being resident in the said district in the relevant previous year and satisfying other conditions as specified. 10(26A)
Income from winnings from lottery, agreement for draw in respect of which having been entered into upto 28-2-89 between Sikkim Govt. and organising agents of such lottery subject to fulfilling of such condition as specified. {to be omitted from 1-4-1998} 10(26AA)
Income of any statutory corporation formed for promoting the interests of Scheduled Castes or Scheduled tribes, etc., as specified. 10(26B)
Income of any statutory corporation formed for promoting the interests of the members of any minority community. 10(26BB)
income of any cooperative society formed for promoting the interests of members of Scheduled Caste & Tribes. 10(27)
Any amount adjusted or paid relating to Tax Credit Certificates. {To be omitted from 1-4-1998} 10(28)
Income of an authority from letting of godowns/warehouses for storage, processing or facilitating marketing of goods as specified. 10(29)
Receipt by way of subsidy received from Tea Board as specified. 10(30)
Receipt by way of subsidy received from the concerned Board by an assessee growing or manufacturing rubber, coffee, cardamom and other notified commodities. 10(31)
Income relating to minor child if clubbed u/s 64(1A) in the hands of the assessee not exceeding Rs.1,500 in respect of each minor chid. 10(32)
Any income by way of dividends (whether interim or otherwise) declared, distributed or paid by a Domestic Company on or after 1-6-1997 as referred to in section 115-O. 10(33)
Any profits and gains of newly established industrial undertakings in free trade zones, electronic hardware/software technology parks for any five consecutive assessment years within a block of eight years from the assessment year corresponding to previous year in which production started subject to fulfilling all the conditions as specified. 10A
Any profits and gains of newly established 100% export-oriented units for any five consecutive assessment year within a block of eight years from the assessment year corresponding to previous year in which production started subject to fulfilling all the conditions as specified. 10B
Income of any person from the property held under trust wholly or in part for charitable or religious purposes as specified in detail and subject to the provisions of sections 60 to 63. 11
Receipt of any voluntary contributions by a trust/institution created/ established wholly for charitable or religious purposes excluding the contributions made to it with specific direction to form part of corpus: Such voluntary contributions be deemed to be income from property in terms of section 11. 12
Income of political party chargeable as income from house property or other sources or by way of voluntary contributions received by it from any person subject to conditions as specified. 13A
Scheduled A Meeting With Us
captcha
Money Tree
Money Tree
Money Tree
Money Tree
Money Tree
Insurance News


Ayushman Bharat: Need of the hour, but is India ready for it? Given the worrisome state of health insurance in India, the move is a bold one and must be lauded. The current state of infrastructure and government finances seem distant from what a smooth implementation of the policy might warrant
Mon, 20 Aug 2018 14:26:36 +0530

MF News


How do mutual funds help you to invest better? Mutual funds can provide you products that can meet your financial goals with relatively lesser risk.
Fri, 26 Oct 2018 08:36:58 +0530

Video