The document discusses various types of income that are exempt from taxation in India. It provides details about exemptions for agricultural income, income from farm houses, income distributed to family members from HUFs and partnerships after tax, interest received by foreigners on certain investments in India, travel allowances for employees, income of foreigners with short stays in India, pensions and retirement benefits like gratuity, commuted pension and leave encashment. It also discusses exemptions for various special allowances given to employees.
This document discusses various aspects of salary income taxation in India. It defines salary and outlines what is included in salary such as wages, commission, allowances, perquisites, etc. It discusses the taxation treatment of various allowances as fully taxable, fully exempted or partially exempted. It also explains the valuation of perquisites provided by employers such as rent-free accommodation, use of cars, interest-free loans, medical reimbursements and more. The document provides detailed guidelines on calculating the taxable value of such perks.
This document discusses various taxable and partly taxable allowances in India. It provides details on 10 allowances that are fully taxable such as dearness allowance, entertainment allowance, and overtime allowance. It also explains 10 allowances that are partly taxable including house rent allowance, fixed medical allowance, and hill area allowance. The document discusses different types of taxable perquisites such as rent free accommodation, interest free loans, transfer of movable assets, and gifts. It specifically explains perquisites that are taxable in all cases and those taxable in specified cases only, such as use of employer-provided motor cars.
This document discusses various exemptions from income tax for salary income in India. It summarizes provisions related to leave salary, gratuity, pension, allowances, perquisites, provident fund and other deductions from salary that are exempt from tax. Key points include leave salary being fully tax exempt for government employees but with a maximum exemption of average salary for 10 months or Rs. 300,000 for non-govt employees. Gratuity is also exempt up to Rs. 10 lakhs. Certain allowances and perquisites like housing, medical benefits and interest-free loans are partially or fully tax exempt.
1. The document discusses the residential status of different types of assessees under the Income Tax Act of India. It defines criteria for an individual or HUF to be considered a resident of India, resident but not ordinarily resident, or non-resident.
2. Key factors in determining residential status include the number of days spent in India in the relevant year and previous years, as well as the location of control and management of the assessee.
3. Residential status impacts the global income of an assessee that is taxable in India, with non-residents generally only being taxed on India-source income.
The document summarizes various exemptions from income tax under Section 10 of the Income Tax Act. It discusses exemptions for agricultural income, income received as a Hindu Undivided Family member, share of profits from a partnership firm, leave travel concession, gratuity received, compensation received during voluntary retirement, amounts received from life insurance policies, payments from provident funds, payments from approved superannuation funds, house rent allowance, special allowances like conveyance allowance, and daily allowance. Conditions for availing exemptions are explained for various allowances and payments.
The document discusses various deductions available under Chapter VI-A of the Income Tax Act that can be claimed to reduce taxable income. It provides details on deductions for life insurance premiums (Section 80C), contributions to pension plans (Section 80CCC), Employee Provident Fund (Section 80C), Principal repayments of home loans (Section 80C), tuition fees (Section 80C), among others. It also summarizes deductions for interest on education loans (Section 80E), medical insurance/expenditure (Section 80D, 80DD, 80DDB), and contributions to pension plans (Section 80CCD). The maximum combined deduction amount under Section 80C, 80CCC, 80CCD is Rs. 1.5
The document discusses various aspects of salaries under the Income Tax Act such as:
1) It defines what constitutes salary and includes wages, pension, gratuity, fees, commissions, perquisites, advance salary, leave encashment etc.
2) It discusses deductions available from salaries like entertainment allowance, tax on employment, and various retirement benefits like gratuity, pension, commuted pension that are taxable or exempt.
3) It provides details on how to treat various salary components like HRA, transport allowance, education allowance, perquisites, interest-free loans for computing taxable income from salaries.
This document discusses various aspects of salary income taxation in India. It defines salary and outlines what is included in salary such as wages, commission, allowances, perquisites, etc. It discusses the taxation treatment of various allowances as fully taxable, fully exempted or partially exempted. It also explains the valuation of perquisites provided by employers such as rent-free accommodation, use of cars, interest-free loans, medical reimbursements and more. The document provides detailed guidelines on calculating the taxable value of such perks.
This document discusses various taxable and partly taxable allowances in India. It provides details on 10 allowances that are fully taxable such as dearness allowance, entertainment allowance, and overtime allowance. It also explains 10 allowances that are partly taxable including house rent allowance, fixed medical allowance, and hill area allowance. The document discusses different types of taxable perquisites such as rent free accommodation, interest free loans, transfer of movable assets, and gifts. It specifically explains perquisites that are taxable in all cases and those taxable in specified cases only, such as use of employer-provided motor cars.
This document discusses various exemptions from income tax for salary income in India. It summarizes provisions related to leave salary, gratuity, pension, allowances, perquisites, provident fund and other deductions from salary that are exempt from tax. Key points include leave salary being fully tax exempt for government employees but with a maximum exemption of average salary for 10 months or Rs. 300,000 for non-govt employees. Gratuity is also exempt up to Rs. 10 lakhs. Certain allowances and perquisites like housing, medical benefits and interest-free loans are partially or fully tax exempt.
1. The document discusses the residential status of different types of assessees under the Income Tax Act of India. It defines criteria for an individual or HUF to be considered a resident of India, resident but not ordinarily resident, or non-resident.
2. Key factors in determining residential status include the number of days spent in India in the relevant year and previous years, as well as the location of control and management of the assessee.
3. Residential status impacts the global income of an assessee that is taxable in India, with non-residents generally only being taxed on India-source income.
The document summarizes various exemptions from income tax under Section 10 of the Income Tax Act. It discusses exemptions for agricultural income, income received as a Hindu Undivided Family member, share of profits from a partnership firm, leave travel concession, gratuity received, compensation received during voluntary retirement, amounts received from life insurance policies, payments from provident funds, payments from approved superannuation funds, house rent allowance, special allowances like conveyance allowance, and daily allowance. Conditions for availing exemptions are explained for various allowances and payments.
The document discusses various deductions available under Chapter VI-A of the Income Tax Act that can be claimed to reduce taxable income. It provides details on deductions for life insurance premiums (Section 80C), contributions to pension plans (Section 80CCC), Employee Provident Fund (Section 80C), Principal repayments of home loans (Section 80C), tuition fees (Section 80C), among others. It also summarizes deductions for interest on education loans (Section 80E), medical insurance/expenditure (Section 80D, 80DD, 80DDB), and contributions to pension plans (Section 80CCD). The maximum combined deduction amount under Section 80C, 80CCC, 80CCD is Rs. 1.5
The document discusses various aspects of salaries under the Income Tax Act such as:
1) It defines what constitutes salary and includes wages, pension, gratuity, fees, commissions, perquisites, advance salary, leave encashment etc.
2) It discusses deductions available from salaries like entertainment allowance, tax on employment, and various retirement benefits like gratuity, pension, commuted pension that are taxable or exempt.
3) It provides details on how to treat various salary components like HRA, transport allowance, education allowance, perquisites, interest-free loans for computing taxable income from salaries.
This document discusses income from salary under section 12 of Pakistan's income tax ordinance. It defines salary as fixed monthly remuneration and outlines various features and scope of salary income. It also describes how perquisites, allowances, benefits and various facilities provided by employers like accommodation, conveyance, medical expenses, loans etc. are treated for tax purposes. The document further discusses provident funds and special tax rebates for senior citizens.
The document discusses various aspects of salary income that are taxable under the head "Salaries" in India. It provides details on the tax treatment of items like basic salary, allowances, bonuses, leave encashment, pension, provident fund, and perquisites. Some key points covered are:
- Salary is taxable on a due or receipt basis, whichever is earlier.
- Allowances like DA, HRA and perquisites are included in taxable salary after any applicable exemptions.
- Leave encashment, gratuity and pension receive partial or full tax exemption depending on if the employee is in government or private sector.
- Perquisites provided to employees like rent-free housing and cars are
1. Sections of the Income Tax Act outline tax deductions for various types of payments including fees for professional services, technical services, purchase of goods over Rs. 50 lakhs, payments to contractors, and rent.
2. Tax deductions rates range from 1-10% depending on the type of payment and recipient. Payments to individuals are generally taxed at a lower rate than payments to other entities.
3. Certain payments like rent are only taxed if the annual aggregate amount exceeds Rs. 2.4 lakhs.
The document provides a comprehensive overview of salary computation and taxability under the Indian Income Tax Act. It defines salary and outlines what types of payments are included as salary for tax purposes. It discusses the tax treatment of various allowances that may be received as part of compensation, categorizing them as fully taxable, partially exempt or fully exempt. The document also provides an example calculation of gross salary for an individual receiving various payments and allowances. The summary covers the key aspects around definitions, tax treatment of common allowances, and includes an example calculation.
The document discusses various taxation issues related to entrepreneurs in India such as taxation of salary, perquisites, capital vs revenue receipts, date and place of receipt of income, and income deemed to arise in India. It provides answers to several questions on these topics with explanations.
This document provides a summary of key concepts in Indian income tax law. It defines terms like previous year, assessment year, assessee and the different heads of income. It discusses exemptions for items like leave encashment, gratuity and compensation received under voluntary retirement schemes. It also covers deductions available for house rent allowance and taxable allowances and perquisites for employees. It outlines income tax slabs and rates for individual taxpayers below 65 years of age, resident women and senior citizens.
This document discusses the definition and taxation of salary under Indian income tax law. It defines salary as remuneration received periodically for services rendered through an express or implied contract. Salary can be received from one or more employers and includes both cash and non-cash remuneration. It discusses the tax treatment of various salary components such as allowances, perquisites, and reimbursements. It also provides details on exemptions available for certain allowances based on the type and amount.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various types of compensation, benefits, and loans provided by employers.
The document provides an overview of key concepts in India's income tax law, including definitions of common terms like person, assessee, income, residential status, taxable income heads, and tax exemptions. It summarizes procedures for determining tax liability and exemptions for various types of retirement payments like gratuity, pension, and leave encashment.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and whether certain types of income and benefits are taxable or tax-exempt.
Salary includes remuneration received for personal services under a contract of employment. For income to be categorized as salary, there must be an employer-employee relationship. Salary is taxable on a due or receipt basis, whichever is earlier. Components of taxable salary include basic salary, bonuses, commissions, allowances, perquisites, and profits in lieu of salary. Certain allowances such as transport, house rent, and leave travel are partially or fully tax exempt. Perquisites include benefits provided by employers and are taxed as salary. Specified employees who are directors, substantial interest holders, or high salary earners face additional taxes on perquisites.
The document discusses various tax exemptions under the Income Tax Act of India. It provides details about exemptions for income from agricultural activities, leave travel concession, gratuity received, pension received (both commuted and uncommuted), and sums received from a Hindu Undivided Family. It also discusses the National Pension Scheme and tax treatment for partners who are only entitled to a share in the profits of a firm.
- The document discusses various types of income that are taxed as salary under the Income Tax Act, including regular salary, bonuses, commissions, pensions, gratuity, and leave encashment.
- It provides details on what is considered salary and the tax treatment of items like leave encashment, gratuity, and pensions for government employees versus non-government employees.
- Examples are given to illustrate how to calculate the taxable and non-taxable portions of retirement benefits like gratuity and leave encashment received by employees.
An allowance is additional compensation provided by an employer beyond an employee's regular salary. Allowances can be categorized as taxable, partly taxable, or non-taxable. Taxable allowances include dearness allowance, entertainment allowance, and overtime allowance. Partly taxable allowances include house rent allowance, medical allowance, and conveyance allowance. Non-taxable allowances are those provided to government servants serving abroad and allowances for judges.
The document provides an overview of income tax in India including:
- A brief history noting its introduction in 1860 and key acts since then including the Income Tax Act of 1961.
- Statistics on the increasing number of ITR filers from 2013-2014 to 2017-2018.
- An explanation of key terms like assessee, assessment year, and residential status.
- Details of the tax slabs, exemptions, deductions, and filing procedures for individuals.
This document discusses various aspects related to salary income under the Income Tax Act. It begins by defining salary and its components such as basic pay, dearness allowance, commissions etc. It then discusses the tax treatment of various allowances that are part of salary such as house rent allowance, entertainment allowance etc. The document also covers provident fund and its taxability. Finally, it discusses the concept of perquisites or benefits provided in addition to salary and their valuation for tax purposes.
In July 2020, the Union Cabinet of India approved the New National Education Policy (NEP) with the aim to bring modern reforms in the Indian education system from the school to the college level.
This document provides an overview of research methodology. It begins by defining what research is, including that it is a systematic search for truth and new knowledge. It discusses different types of research such as descriptive, applied, quantitative, and qualitative research. The document outlines the overall research process from defining the problem to data collection, analysis, findings, and reporting. It also discusses developing a research problem statement, reviewing literature, and selecting a research problem. Key aspects of a good research study such as purpose, methods, analysis, findings and conclusions are highlighted.
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Similar to Exemption under section 10 of income tax act,1961
This document discusses income from salary under section 12 of Pakistan's income tax ordinance. It defines salary as fixed monthly remuneration and outlines various features and scope of salary income. It also describes how perquisites, allowances, benefits and various facilities provided by employers like accommodation, conveyance, medical expenses, loans etc. are treated for tax purposes. The document further discusses provident funds and special tax rebates for senior citizens.
The document discusses various aspects of salary income that are taxable under the head "Salaries" in India. It provides details on the tax treatment of items like basic salary, allowances, bonuses, leave encashment, pension, provident fund, and perquisites. Some key points covered are:
- Salary is taxable on a due or receipt basis, whichever is earlier.
- Allowances like DA, HRA and perquisites are included in taxable salary after any applicable exemptions.
- Leave encashment, gratuity and pension receive partial or full tax exemption depending on if the employee is in government or private sector.
- Perquisites provided to employees like rent-free housing and cars are
1. Sections of the Income Tax Act outline tax deductions for various types of payments including fees for professional services, technical services, purchase of goods over Rs. 50 lakhs, payments to contractors, and rent.
2. Tax deductions rates range from 1-10% depending on the type of payment and recipient. Payments to individuals are generally taxed at a lower rate than payments to other entities.
3. Certain payments like rent are only taxed if the annual aggregate amount exceeds Rs. 2.4 lakhs.
The document provides a comprehensive overview of salary computation and taxability under the Indian Income Tax Act. It defines salary and outlines what types of payments are included as salary for tax purposes. It discusses the tax treatment of various allowances that may be received as part of compensation, categorizing them as fully taxable, partially exempt or fully exempt. The document also provides an example calculation of gross salary for an individual receiving various payments and allowances. The summary covers the key aspects around definitions, tax treatment of common allowances, and includes an example calculation.
The document discusses various taxation issues related to entrepreneurs in India such as taxation of salary, perquisites, capital vs revenue receipts, date and place of receipt of income, and income deemed to arise in India. It provides answers to several questions on these topics with explanations.
This document provides a summary of key concepts in Indian income tax law. It defines terms like previous year, assessment year, assessee and the different heads of income. It discusses exemptions for items like leave encashment, gratuity and compensation received under voluntary retirement schemes. It also covers deductions available for house rent allowance and taxable allowances and perquisites for employees. It outlines income tax slabs and rates for individual taxpayers below 65 years of age, resident women and senior citizens.
This document discusses the definition and taxation of salary under Indian income tax law. It defines salary as remuneration received periodically for services rendered through an express or implied contract. Salary can be received from one or more employers and includes both cash and non-cash remuneration. It discusses the tax treatment of various salary components such as allowances, perquisites, and reimbursements. It also provides details on exemptions available for certain allowances based on the type and amount.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various types of compensation, benefits, and loans provided by employers.
The document provides an overview of key concepts in India's income tax law, including definitions of common terms like person, assessee, income, residential status, taxable income heads, and tax exemptions. It summarizes procedures for determining tax liability and exemptions for various types of retirement payments like gratuity, pension, and leave encashment.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and the tax treatment of various income types like salary, pension, leave encashment, gratuity, and perquisites. It also summarizes exemptions available under the law.
The document provides an overview of key concepts in India's income tax law, including definitions of tax-related terms like "person", "assessee", "income", and "residential status". It discusses the different sources of income and whether certain types of income and benefits are taxable or tax-exempt.
Salary includes remuneration received for personal services under a contract of employment. For income to be categorized as salary, there must be an employer-employee relationship. Salary is taxable on a due or receipt basis, whichever is earlier. Components of taxable salary include basic salary, bonuses, commissions, allowances, perquisites, and profits in lieu of salary. Certain allowances such as transport, house rent, and leave travel are partially or fully tax exempt. Perquisites include benefits provided by employers and are taxed as salary. Specified employees who are directors, substantial interest holders, or high salary earners face additional taxes on perquisites.
The document discusses various tax exemptions under the Income Tax Act of India. It provides details about exemptions for income from agricultural activities, leave travel concession, gratuity received, pension received (both commuted and uncommuted), and sums received from a Hindu Undivided Family. It also discusses the National Pension Scheme and tax treatment for partners who are only entitled to a share in the profits of a firm.
- The document discusses various types of income that are taxed as salary under the Income Tax Act, including regular salary, bonuses, commissions, pensions, gratuity, and leave encashment.
- It provides details on what is considered salary and the tax treatment of items like leave encashment, gratuity, and pensions for government employees versus non-government employees.
- Examples are given to illustrate how to calculate the taxable and non-taxable portions of retirement benefits like gratuity and leave encashment received by employees.
An allowance is additional compensation provided by an employer beyond an employee's regular salary. Allowances can be categorized as taxable, partly taxable, or non-taxable. Taxable allowances include dearness allowance, entertainment allowance, and overtime allowance. Partly taxable allowances include house rent allowance, medical allowance, and conveyance allowance. Non-taxable allowances are those provided to government servants serving abroad and allowances for judges.
The document provides an overview of income tax in India including:
- A brief history noting its introduction in 1860 and key acts since then including the Income Tax Act of 1961.
- Statistics on the increasing number of ITR filers from 2013-2014 to 2017-2018.
- An explanation of key terms like assessee, assessment year, and residential status.
- Details of the tax slabs, exemptions, deductions, and filing procedures for individuals.
This document discusses various aspects related to salary income under the Income Tax Act. It begins by defining salary and its components such as basic pay, dearness allowance, commissions etc. It then discusses the tax treatment of various allowances that are part of salary such as house rent allowance, entertainment allowance etc. The document also covers provident fund and its taxability. Finally, it discusses the concept of perquisites or benefits provided in addition to salary and their valuation for tax purposes.
Similar to Exemption under section 10 of income tax act,1961 (20)
In July 2020, the Union Cabinet of India approved the New National Education Policy (NEP) with the aim to bring modern reforms in the Indian education system from the school to the college level.
This document provides an overview of research methodology. It begins by defining what research is, including that it is a systematic search for truth and new knowledge. It discusses different types of research such as descriptive, applied, quantitative, and qualitative research. The document outlines the overall research process from defining the problem to data collection, analysis, findings, and reporting. It also discusses developing a research problem statement, reviewing literature, and selecting a research problem. Key aspects of a good research study such as purpose, methods, analysis, findings and conclusions are highlighted.
The document provides tips for interview skills and preparation. It discusses the importance of being prepared for different types of interviews, including knowing yourself, the organization, and the position. It recommends researching common interview questions and using the STAR method to provide concrete examples when answering behavioral and situational questions. Proper preparation is key to making a strong first impression and demonstrating how past experiences qualify you for the role.
The document discusses the taxation of income from house property under the Indian Income Tax Act. It defines different categories of house property such as let out house, deemed let out house, self-occupied house, and house used for business. It explains how to calculate the gross annual value, net annual value, permissible deductions including standard deduction and interest on a home loan. The summary provides steps to compute income from house property for let out, deemed let out and self-occupied properties.
This document discusses various aspects of research, including:
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2. Examples of activities that can and cannot be classified as research. Participating in a workshop would not be considered research, while systematically investigating an issue like car dashboard sounds through data collection and analysis would be.
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it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
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This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
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This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
1. Prof. Mohasin A. Tamboli
PIRENS Technical Campus, Loni
Email: mohasinat@gmail.com
1Prof.M.A.Tamboli
2. Items given in section 10 gives exemption
from income, so called as exempted
section.
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3. In India, agricultural income is totally
exempted from tax because Constitution of
India does not give any power to charge
tax on agriculture income.
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4. Agricultural Income Includes:
1. Any amount or revenue derived from
land.
2. Any income from process which make
prouse marketable.
3. Any income from farm house.
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5. Any income received from land is treated
as income derived from land only on
fulfillment of following conditions:
i. Income derived from land.
ii. Land must be situated in India
iii. Agricultural activity must be carried on it.
E.g. leveling, digging, sowing, irrigating,
fertilizing, cutting and polishing etc.
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6. Any income due to natural process for
which agricultural activity is not carried on
is not agricultural income.
Dairy, poultry, fishery are activity related to
agriculture but income from it is not
agriculture income.
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7. Prouse means raw crop. Any process
carried on for making prouse marketable is
agricultural activity and income derived
from it is agricultural income.
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8. House in a farm is farm house and income from it
is agricultural income. Any house become farm
house if following three conditions are satisfied:
i. House must be immediate vicinity of agricultural
land.
ii. That house is used for dwelling or storing of
material.
iii. That house is not within 8 km from urban area.
Urban area means a place where the population
exceeds 10,000
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9. Double taxation is prohibited in India. HUF
is separate assessee and they have to pay
tax on their income.
After payment of tax if remaining amount is
distributed amoung family members is
totally exempted in the hand of family
members.
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10. Double taxation is prohibited in India.
Partnership Firm is separate assessee.
If Firm paid tax on profit of partnership firm
and remaining amount distributed among
partners is totally exempt.
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11. Any interest on investment by foreigner in:
i. Government Securities.
ii. Government Bond.
iii. Any amount credited to RBI is totally
exempt from income tax.
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12. Any amount paid by employer for travelling
within India for employee and their family
members is allowed as exemption.
This exemption is only for travelling
expenses of shortest route between two
places.
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13. For different travel conveyance exemption
is:
1. Bus - Volvo Ticket
2. Train - A.C. First Class
3. Ship - Normal Ticket
4. Air - Economy Ticket
This exemption is allowed once in a 4 year.
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14. Any income of foreigner in India is exempt
from tax if his stay in India is not more than
90 days.
This rule is applicable to crew(caption of
ship), to research student and foreign
players.
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15. Any allowances paid outside India to
employee of India for their services as
cooperative assistance agreement is
totally exempt in India
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16. Any income received in India by foreign
employee for their services as cooperative
assistance agreement is totally exempt in
India
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17. Gratuity means award or reward given by
employer to employee on retirement for
their continuous service.
Gratuity is lump sum amount given by
employer to employee on retirement.
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19. Any person who provide service under
Central Government, State Government or
Local Authority is Government Employee.
For Government Employee 100%
exemption to gratuity is applicable.
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20. A) Gratuity Act, 1972 is Applicable:
Where more than 10 employees are working,
for such organization Gratuity Act, 1972 is
applicable.
B) Gratuity Act, 1972 is not Applicable:
Where less than 10 employees are working, for
such organization Gratuity Act, 1972 is
applicable.
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21. If Gratuity Act, 1972 is Applicable, the
exemption is least of following three:
1. 15/26 X Last drawn Salary X Number of
years completed (Consider fraction)
2. Rs. 10,00,000
3. Actual Received.
Salary = Basic + D.A. (forming part)
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22. If Gratuity Act, 1972 is not Applicable, the
exemption is least of following three:
1. ½ X Average Salary X Completed years
Only
2. Rs. 10,00,000
3. Actual Received
Salary=Basic + D.A. (forming part)+ % Commission
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23. Commuted pension is lump sum payment in
lieu of periodical payment of pension.
Exemption is as follows:
1. Govt. Employee: Total value of commuted
pension is exempted.
2. Non Govt. Employee & Gratuity received:
Exemption is 1/3 of total value of pension
3. Non Govt. Employee & Gratuity not received:
Exemption is 1/2 of total value of pension
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24. Leave encashment means sale of leave
credited during the service.
If leave encashment is in service, it is
100% taxable
If leave encashment is at retirement, the
exemption is :
Government Employee
Non Government Employee
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25. A. Government Employee: Any leave encashment
received to government employee on retirement
is totally exempted.
B. Non Govt. Employee: Any leave encashment
received to non government employee on
retirement is exempted least of following four:
1. Number of days credit / 30 days X Avg. Salary
2. 10 X Avg. Salary
3. Actual leave encashment received.
Salary= Basic+DA(forming part)+% commission on turnover
Maximum days allowed to credit 30 days every year.
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26. Amount received from statutory provident
fund is totally exempted
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27. Any amount received on retirement from
super annuation fund is totally exempted to
any person
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28. Allowance means extra amount received
for specific purpose.
Normally allowance is given in addition to
salary.
HRA exemption is classified in two
categories:
BCDM Criteria
Other than BCDM Criteria
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29. If person working at Mumbai, Kolkata, Delhi
and Chennai then exemption is least of the
following three:
1. 50% of salary
2. Actual rent paid-10% of Salary
3. Actual HRA Received
Salary= Basic+DA (forming part)+% Commission
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30. If person working at other than BCDM, then
exemption is least of following three:
1. 40% of Salary
2. Actual rent paid-10% of Salary
3. Actual HRA Received
Salary= Basic+DA (forming part)+% Commission
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31. Exemption is not allowed in following
conditions:
1. If person reside in his own house
2. Answer of calculation 2 (Actual rent paid -
10% of salary) is negative
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32. Any amount received for special purpose in
addition with salary is special allowance and
exemption is depend upon two types:
1. Exemption depend upon actual expenditure
2. Standard exemption
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33. Under this head exemption is actual
expenditure incurred for that purpose.
1. Travelling allowance
2. Transfer allowance
3. Daily allowance
4. Helper allowance
5. Research allowance
6. Washing or dress allowance
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34. Under this exemption certain specific amount
fixed by government allowed as deduction.
1. Children Education Allowance: Exemption is Rs.
100 p.m. per child upto maximum two children.
2. Children Hostel Allowance: Exemption is Rs.
300 p.m per child upto maximum two children.
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35. 3. Transport Allowance: Any amount paid to
driver or cleaner for specific journey and
exemption is least of following two:
1. 70% of allowance or
2. Rs. 6,000 p.m. which is less.
4. Conveyance Allowance:
1. In case of normal person maximum exemption is Rs. 800 p.m.
2. If a person is abnormal (handicapped, blind etc.) maximum
exemption is Rs. 1,600 p.m.
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36. 5. Special compensatory Hilly Allowance:
Exemption is varied from Rs. 300 to Rs.
7,000 p.m.
6. Border Area Allowance: Exemption is upto
Rs. 700 p.m.
7. Underground Allowance: Exemption is upto
Rs. 800 p.m.
8. Tribal Area or Scheduled Area Allowance:
Exemption is upto Rs. 200 p.m.
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37. 16. Interest on Government Securities
17. Educational Scholarship
18. Daily allowance to parliament member
19. Income or Pension of Galantri Award
20. Income or Amount of award given by
Government
21. Income of local authority
22. Income of sports association
23. Income of education institute
24. Income of medical institute
25. Dividend from Indian Company
26. Interest on mutual fund
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38. Any income of minor is taxable under the
Act.
Any income due to skill of minor then
exemption is Rs. 1,500 and remaining
amount is taxable.
When income received to minor without
any skill is added to income of father or
mother whose income is more.
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