| Exemtion u/s | Details |
| 10(1) | - Agricultural income = Totally exempt
- Provided it falls within the definition of agricultural income given u/s 2(1A)
|
| 10(2) | - Payments received from family income
- by a member of HUF
- Entire Amount = Exempt from tax
|
| 10(2A) | - Share of profit from a firm = Exempt
|
| 10(4) | - Interest received by a non resident
- from prescribed securities = Exempt
|
| 10(5) | - Leave travel concession provide by an employer
- to his Indian citizen employee
- Please refer below link for more details and exemption limit:
https://taxpage.in/exemption-for-leave-travel-concessionassistance-ltc-under-income-tax-act-1961-section-105-rule-2b.html?preview_id=918&preview_nonce=6ce1c25b01&preview=true http://www.incometaxindia.gov.in/rules/income-tax%20rules/103120000000006903.htm http://www.charteredclub.com/leave-travel-allowance/ |
| 10(6) | Remuneration received by foreign diplomats of all categories = Exempt |
| 10(7) | - Any allowance or perquisites – paid or allowed outside India
- To citizen of India by government
- For rendering service outside India = Exempt
|
| 10(10) | |
| 10(10A) | Commuted value of pension- Any uncommuted pension = Fully taxable
- State and central government employees or employees of any authority or any statutory corporation = Exempt u/s 10(10A)
- Non-government employees = Exempt u/s 10(10A) to the following-
- (a) if he receives gratuity: 1/3 of the normal pension is exempt u/s 10(10A)
- (b) if he doesn’t receive gratuity: 1/2 of the normal pension received is exempt u/s 10(10A)
|
| 10(10AA) | Leave Salary- Leave encashment during service = Taxable
- Leave encashment at the time of retirement/superannuation/resignation from service
- (a) Central/State Government employees = Exempt
- (b) Other employees = Least of the following is exempted
- i. 30 days salary for every completed year of service (to the extent of leave credit)
- ii. 10 months’ average salary
- iii. Leave encashment actually received
- iv. Amount specified by Government i.e. Rs. 3,00,ooo/-.
|
| 10(10B) | Retrenchment Compensation https://taxpage.in/retrenchment-compensation-under-income-tax-act-1961-section-1010b.html?preview_id=924&preview_nonce=78569296e4&preview=true |
| 10(10BB) | - Any compensation received by victims
- Under BHOPAL GAS LEAK ACT, 1985 = Exempt
|
| 10(10BC) | - Any amount received or receivable by an individual
- From the Government or local authority by way of compensation = Exempt
|
| 10(10CC) | - The income tax actually paid by the employer
- On non-monetary perquisite provided to employee
- Shall be exempt in the hands of employee
|
| 10(10D) | - Any some received from life insurance policy = Exempt
|
| 10(11) | - Any payments received
- from a provident fund to which provident fund act applies
- Or from PPF set up by Central Government = Exempt
|
| 10(13A) | Minimum of the following is exempt- 50% of salary if house is situated at Delhi, Mumbai, Madras and Calcutta OR
- 40% of salary if house is at any other place
- Actual HRA received
- Rent paid less 10% of salary
|
| 10(16) | Scholarships granted to meet cost of education = Exempt |
| 10(17) | Any of the following allowances received by an MP or MLA = Exempt- Daily allowance
- Constituency allowance
|
| 10(32) | - Minor’s income clubbed with individual = Exempt
- Up to Rs. 1500/- per child
|
| 10(33) | - Dividend declared by domestic company
- Is liable to dividend distribution tax @ 15% + surcharge @ 7.5% + education cess @ 2% + SHEC @ 1% of the amount declared = Exempt
- in the hands of shareholder
|
| 10(35) | - Any income received on units of UTI and mutual funds
- Covered u/s 10(23D) = Exempt
|
What is exempted income?