Exempted Incomes

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Exempted Incomes

  1. 1. EXEMPTED INCOMES <ul><li>1.  Agricultural income-Fully exempted u/s 10(1). </li></ul><ul><li>2.Share of income from HUP-FuIly exempted u/s 10(2). </li></ul><ul><li>3.Share of income from firm assessed as firm (PFAF)-Fully exempted u/s 10(2A). </li></ul><ul><li>4.Any income from investment by an NRI in bonds and securities-Fully exempted No exemption on such bonds issued after 1.6.2002. </li></ul><ul><li>5.Interest paid to a non-resident person who is a person of Indian origin-Fullyexempted. No exemption on such bonds issued after t .6.2002. </li></ul><ul><li>6.Travel Concession to an Indian citizen employee-Exempted up to limits laid down u/s 10(5). </li></ul><ul><li>7 . Perquisites and allowances given by Government to its employees posted Abroad-Fully Exempted u/s 10(7). </li></ul><ul><li>8..Employees of foreign countries working in India under co-operative technical assistance programme — Fully exempted u/s 10(8). </li></ul>
  2. 2. <ul><li>.Income of any member of the family of persons working in India under cooperative or technical assistance Programme — fully exempted as per conditions given u/s 10(9). </li></ul><ul><li>Gratuity-exempted u/s 10(10) as per limits. </li></ul><ul><li>Commuted value of pension-Fully exempted u/s 10(I0A) as per conditions given. </li></ul><ul><li>amount received as leave encashment on retirement-Fully exempted u/s 10(10AA) as per conditions given. </li></ul><ul><li>.Retrenchment compensation given to workers-Fully exempted u/s 10(1 OB) as per conditions given. </li></ul><ul><li>Income received by a person on behalf of certain funds set-up by the Central Government-exempted as per conditions given u/s 1O(23C). </li></ul><ul><li>Any income received by an Investor Protection Fund by way of contributions received from recognised stock exchanges and the members thereof shall be fully exempted. </li></ul>
  3. 3. <ul><li>. Educational Schoiarships-Fully exempted u/s 10(16). </li></ul><ul><li>Allowances received by MP/MLAMLC fully Exempted u/s 10(17). </li></ul><ul><li>Any award instituted or notified by State or Central Govt.-Fully exempted u/s 10(17 A). </li></ul><ul><li>Any pension received by winners of Paramvir Chakra, Mahavir Chakra, or Vir Chakra, and </li></ul><ul><li>family pension received by widows or children or nominated heirs of a deceased member of the armed forces (including para military forces) during operation shall be fully exempted u/s 10 (18) and [10(19)]. </li></ul><ul><li>Income from one palace self occupied by former rulers shall be fully exempted u/s 10(19A). </li></ul><ul><li>Income of a local authority-exempted as per conditions given u/s 10(20).35. Income of a scientific research association-exempted as per conditions given u/s 10(21). </li></ul>
  4. 4. <ul><li>. Income of State level Khadi and Village Industries Boards- exempted as per conditions given u/s IO(23BB), </li></ul><ul><li>Income of certain authorities set up to manage religious and charitable institutions exempted as per conditions given u/s 10(23BBA). </li></ul><ul><li>Income of European Economic Community-exempted as per conditions given u/s IO(23BBB). </li></ul><ul><li>Income of “SAARC Fund set up for regional projects exempted as per conditions given u/s IO(23BBC). </li></ul><ul><li>Any income of the Secretariat of Organisation of Supreme Audit Institutions shall be fully exempted for 7 years u/s IO(23BBD). </li></ul><ul><li>. Any income of the Insurance Regulatory Authority of India shall be fully exempted u/s IO(23BBE). </li></ul><ul><li>Income from International sporting event. </li></ul><ul><li>Income received as a grant by a subsidiary company </li></ul><ul><li>Capital gain of a business engaged in transmission of power. </li></ul><ul><li>Capital gain on compulsory acquisition of agriculture land. </li></ul>
  5. 5. Income of Pension Fund set up by the Life Insurance Corporation exempted as per conditions given u/s 10(23 AB). Income of institutions set up for development of Khadi and village industries exempted as per conditions given u/s 10(23B). Income of State level Khadi and Village Industries Boards- exempted as per conditions given u/s IO(23BB), Income of certain authorities set up to manage religious and charitable institutions exempted as per conditions given u/s 10(23BBA). Income of European Economic Community-exempted as per conditions given u/s IO(23BBB). Income of “SAARC Fund set up for regional projects exempted as per conditions given u/s IO(23BBC). Any income of the Secretariat of Organisation of Supreme Audit Institutions shall be fully exempted for 7 years u/s IO(23BBD). Any income of the Insurance Regulatory Authority of India shall be fully exempted. Any income of North-Eastern Development Finance Corporation ltd.
  6. 6. <ul><li>Income received by a person on behalf of certain funds set-up by the Central Government-exempted as per conditions given u/s 1O(23C). </li></ul><ul><li>Any income received by an Investor Protection Fund by way of contributions received from recognised stock exchanges and the members thereof shall be fully exempted. </li></ul><ul><li>Income of credit guarantee Trust for small investors shall be fully exempted fora period of </li></ul><ul><li>. Income of Mutual Funds-exempted as per conditions given </li></ul><ul><li>. Income of venture capital company-exempted as per conditions </li></ul><ul><li>. Income of venture capital company and venture capital Fund from investments made in equity shares in venture capital undertaking exempted as per conditions given u/s 10 23FB). </li></ul><ul><li>Income of registered trade unions-exempted as per conditions given </li></ul><ul><li>Income of Provident Funds or Superannuation Funds-exempted as per conditions given u/s 10(25). </li></ul><ul><li>Income of Employees' State Insurance Fund-exempted as per </li></ul><ul><li>Income of Scheduled Tribe Members — exempted as per conditions given u/s 10(26). </li></ul><ul><li>Income of persons of Ladakh-exempted as per conditions given u/s (26A). </li></ul>
  7. 7. <ul><li>Income of a corporation set up for promoting the interests of Scheduled castes, tribes and backward classes-exempted as per conditions ). </li></ul><ul><li>Any income of a corporation established by a Central, Slate or provincial Act for the welfare and economic up liftrnent of ex-servicemen being the citizens of India shall be fully exempted. </li></ul><ul><li>Income of a cooperative society set up for promoting the interests of scheduled castes, tribes and backward classes-exempted </li></ul><ul><li>Amount received as subsidy from or through Tea Board-Fully exempt Amount received as subsidy from or through Rubber, Coffee or any other Board set up for growing 67 commercial crops-Fully exempted </li></ul><ul><li>In case income of a minor child is clubbed with income of either of his parents u/s 64(IA), that parent can claim an exemption u/s 10(32) of Rs. 1.500 per child whose income is so clubbed. </li></ul><ul><li>Income by way of dividend from Indian company [Section 10(34)]. </li></ul>
  8. 8. <ul><li>Income from units of UTI and other Mutual Funds [Section 10(35) </li></ul><ul><li>Income from sale of shares in certain cases [Section 10(36)1- </li></ul><ul><li>Any income arising from the transfer of a long-term capital asset, being an eligible equity share in a company purchased on or after the 1 st day of March, 2003 and before the 1 st day of March 2004 and held for a period of twelve months or more. </li></ul><ul><li>Long Term Capital Gain on transfer of securities covered under Transaction Tax [Section 10 (38)] </li></ul>

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