EXEMPTED

INCOMES
SOUREV SURESH
ROLL NO : 52
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