Exempt income is those incomes that are non-taxable. As per Income Tax Act’s Section 10, several sub-sections define what type of income is exempt from tax. This can range from HRA to agricultural. Let’s talk about what is exempted from income tax.
Which income is exempted from tax (some of them)Agriculture Income [ Section 10 (1) ]
Amount received out of family income, HUF) [ Section 10 (2) ]
Share of profit, [Section 10 (2A) ]
Exemption of income of depository’s investor protection fund [ Section 10 ( 23 ED ) ]
Income of Investor Protection Fund [Section 10(23EA)]
Exemption of securitization trust’s income [ Section 10 ( 23DA )j
Income of Mutual Fund [Section 10(23D)]
Interest to Non-Resident on Non-Resident (External) A/c [ Section 10 ( 4 ) ( II ) ]
Allowance of M.P./M.L.A.I or M.L.C. [Section 10(17)]
Scholarship [Section 10(16)]
Interest Incomes [Section 10(15)]
Business Expenditure Allowance [Section 10(14)]
House Rent Allowance-HRA [Section 10(13A)]
Superannuation Fund [Section 10(13)]
Recognized Provident Fund [Section 10(12)]
Statutory Provident Fund [Section 10(11)]
Leave Travel Concession or Assistance [Section 10(5)]
Life Insurance Policy amount [ Section 10 ( 10D ) ]
Commuted value of Pension Received [Section 10(10A)]
Income of Employees of Consultant [Section 10(8B)]
Income of a Consultant [Section 10(8A)]
I hope you like my answer on which is exempted from income tax.
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What is exempted from income tax?
Reshma
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3 Year
2021-09-24T15:13:33+00:00 2021-09-24T18:07:48+00:00Comment
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