EXEMPTED

INCOMES
JESSIN JOSE
ROLL NO : 47
S5 BCOM FINANCE
Exempted incomes means incomes which are
not chargeable to income tax
Three categories are:

● Exempted Incomes For All Assessees

● For Institutions
● For Employees
 EXEMPTED INCOMES FOR ALL ACCESSES

● Agricultural income [section 10 (1)]

● Amount received from H. U. F [section 10 (2)]
● Share of income of a partner from the firm [section 10 (2A)]
● Payments under Bhopal Gas Leak Disaster Act, 1985 [section 10
(10 BB)]
● Compensation of disaster [section 10 (10 BC)]
● Life Insurance Money [section 10 (10 D)]
● Interest on tax-free Government securities [section 10 (15)]
● Educational Scholarship [section 10 (16)]7
● Allowances of Members Of Parliament, MLAs and MLCs [section 10
(17)]
● Awards in cash or in Kind [section 10 (17A)]
● Pension of gallantry awardee [section 10 (18)]
● Family pension of a member of the Armed
Forces [section 10 (19)]
● Annual value of one palace of Rulers of Indian
States [section 10 (19)]
● Income of Scheduled Tribes [section 10 (26)]
● Certain Incomes of Sikkimese [section 10 (26 AAA)]
● Subsidy from Tea Board [section 10 (30)]
● Subsidy received by planters [section 10 (31)]
● Income of a minor child [section 10 (32)]
● Invome from units of Unit Scheme, 1964 [section 10(33)]
● Dividend income [section 10 (34)]
● Income from units of a mutual fund [section 10 (35)]
● Income from Equity Shares [section 10 (36)]
● Capital gains on transfer of Agricultural land in an urban area [section
10 (37)]
● Long-term capital gains on transfer of a listed
Equity Share or a unit of equity linked fund
after 30.09.2004 subject to certain conditions
[section 10 (38)]
● Income from an international sporting event
[section 10 (39)]
● Income from a subsidiary company [section 10
(40)]
● Any notified Incomes of a body or Authority
constituted by the Central Government
[section 10 (42)]
● Allowance or perquisites paid to the chairman of
Union Public Service Commission [section
10(45)]
● Income from newly established industrial
undertaking in Free Trade Zone [section 10 A]
● Income from newly established 100% export
oriented undertaking [section 10 B]
 For Institutions

● Income of a Local Authority [section 10 (20)]

● Income of Research Association approved [section 10 (21)]
● Income of News Agency [section 10 (22 B)]
● Income of Professional Institutes [section 10 (23 A)]
● Income of Pension Fund set up by LIC or other Insurers [section
10 (23 AAB)]
● Income of Khadi and Village Industries [section 10 (23 B)]
● Income of Specified Charitable Fund [section 10 (23 C)]
● Income of Venture Capital Fund [section 10
(23 FB)]
● Income of Registered Trade Unions [section
10 (24)]
● Income of Provident Funds [section 10 (25)]
● Income of Employees’ State Insurance Fund
[section 10 (25 A)]
● Income of a body for promoting interest of Scheduled Castes or
Scheduled Tribes [section 10 (26 B)]
● Income of a political party [section 13 A]
● Income of an Electoral Trust [section 13 B]
● Income of Prasar Bharati (Broadcasting Corporation of India)
● Any income of a Securitisation Trust from the activity of
securitisation [section 10 (23 DA]
● Any income by way of contributions received from a depository
[section 10 (23 ED)]
● Any income on account of buy-back of unlisted shares by
domestic Co. [section 10) 34 A)]
 For Employees

● Leave travel consession [section 10 (5)]

● Allowances or perquisites outside India [section 10 (7)]
● Gratuity [section 10 (10)]
● Commuted pension [section 10 (10 A)]
● Encashment of Earned Leave [section 10 (10 Aa)]
● Compensation on retrenchment [section 10 (10 B)]
● Compensation on voluntary retirement [section 10 (10 C)]
● Tax paid by employer on perquisites [section 10 (10 CC)]
● Payment from Statutory Provident Fund [section 10
(11)]
● Payment from Recognized Provident Fund [section 10
(12)]
● Payment from Approved Super Annexation Fund
[section 10 (13)]
● House rent allowance [section 10 (13A)]
● Special allowances for meeting certain expenditure
[section 10 (14)]
THANK YOU