This document lists various types of incomes that are exempted from taxation under Section 10 of the Indian Income Tax Act. It provides a brief description of the incomes exempted, including agricultural income, income from Hindu Undivided Families, shares of income from firms, travel concessions for employees, gratuity, commuted pension values, educational scholarships, allowances for members of parliament and legislatures, awards from government bodies, pensions for military award winners, income from property of former rulers, incomes of local authorities and certain boards and authorities, insurance regulatory bodies, trade unions, provident funds, corporations for scheduled castes and tribes, income from mutual funds, long term capital gains on securities with transaction tax, and dividends from Indian

1. EXEMPTED INCOMES U/S
10
B.SATYANARAYANA RAO
ASSO.PROF IN COMMERCE
ST.JOSEPH’S DEGREE & PG COLLEGE
KING KOTI, HYDERABAD

2. Agricultural income-Fully exempted
U/S 10(1).
.

3. Share of income from HUF-FuIly
exempted u/s 10(2).

4. Share of income from firm assessed as
firm- Fully exempted u/s 10(2A).
•

5. Travel Concession to an Indian
citizen employee-Exempted up
to limits laid down u/s 10(5).

6. Gratuity-exempted u/s 10(10) as per
limits.

7. Commuted value of pension-Fully
exempted u/s 10(I0A) as per conditions
given.

8. . Educational Scholarships-Fully
exempted u/s 10(16).

9. Allowances received by
MP/MLA/MLC fully Exempted u/s
10(17).

10. Any award instituted or notified by
State or Central Govt.-Fully
exempted u/s 10(17 A).
• A).

11. Any pension received by winners of
Paramvir Chakra, Mahavir Chakra, or
Vir Chakra, and

12. family pension received by widows or
children or nominated heirs of a
deceased member of the armed forces
(including para military

13. Income from one palace self
occupied by former rulers
shall be fully exempted u/s
10(19A).

14. Income of a local authority-
exempted as per conditions given
u/s 10(20

15. Income of State level Khadi and
Village Industries Boards-
exempted as per conditions given
u/s IO(23BB),
• .

16. Income of certain authorities set up to
manage religious and charitable
institutions exempted as per conditions
given u/s 10(23BBA)

17. Any income of the Insurance
Regulatory Authority of India shall be
fully exempted u/s IO(23BBE).

18. Income from International Sporting
Event.

19. Income of Registered Trade
Unions-Exempted as per conditions
given

20. Income of Provident Funds or
Superannuation Funds-exempted
as per conditions given u/s 10(25).

21. Income of a corporation set up for
promoting the interests of Scheduled
castes, tribes and backward classes-
exempted as per conditions

22. Income from units of UTI and other
Mutual Funds [Section 10(35)

23. Long Term Capital Gain on transfer
of securities covered under
Share Transaction Tax

24. Income by way of Dividend from
Indian Company [Section 10(34)

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