EXEMPTED

INCOMES

AYLWIN ZECHARIAH JOHN

ROLL NO. 43
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