Hey friend,
Many people have asked me what is tax-exempt? I took it upon myself to conduct a deep dive on the topic. If you earn income from the processes given below, you must fall under the ‘tax exempt’ category. Take a look below to know more.
Tax-Exempt can be deemed as any income or transactions that are non-taxable at the central, state, or local level. In case you didn’t know, there are certain individuals and organisations that are completely exempt from paying taxes. Details about income tax-exempt are given in section 10 of the Income Tax Act.
These are few examples of tax-exempt:Agriculture Income [Section 10(1)]
Amount received out of family income Hindu Undivided Family (H.U.F.) [Section 10(2)]
Share of profit, [Section 10(2A)]
Interest paid to Non-Resident [Section 10(4)(i)]
Interest to Non-Resident on Non-Resident (External) Account [Section 10(4)(ii)]
Interest paid to a person of Indian Origin and who is Non-Resident [Section 10(4 B)]
Leave Travel Concession or Assistance [Section 10(5)]
Remuneration or Salary received by an individual who is not a citizen of India [Section 10(6)] a. Remuneration [U/s 10(6)(ii)] b. Remuneration received as an employee of foreign enterprise [U/s 10(6)(vi)] c. Employment on a foreign ship [U/s 10(6)(viii)] d. Remuneration received by an employee of a foreign government [U/s 10(6)(xi)]
This is all from my end on what is tax-exempt.
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Authors Of The Question
What is tax exempt ?
Deena
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1 Answers
2 Year
2022-03-28T21:43:07+00:00 2022-04-04T09:01:31+00:00Comment
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