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EXEMPTED INCOMES

1.  Agricultural income-Fully exempted u/s 10(1). 2.Share of income from HUP-FuIly exempted u/s 10(2). 3.Share of income from firm assessed as firm (PFAF)-Fully exempted u/s 10(2A).

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EXEMPTED INCOMES

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  1. 1.  Agricultural income-Fully exempted u/s 10(1). • 2.Share of income from HUP-FuIly exempted u/s 10(2). • 3.Share of income from firm assessed as firm (PFAF)-Fully exempted u/s 10(2A). • 4.Any income from investment by an NRI in bonds and securities-Fully exempted No exemption on such bonds issued after 1.6.2002. • 5.Interest paid to a non-resident person who is a person of Indian origin-Fullyexempted. No exemption on such bonds issued after t .6.2002. • 6.Travel Concession to an Indian citizen employee-Exempted up to limits laid down u/s 10(5). • 7 .Perquisites and allowances given by Government to its employees posted Abroad-Fully Exempted u/s 10(7). • 8..Employees of foreign countries working in India under co-operative technical assistance programme — Fully exempted u/s 10(8). EXEMPTED INCOMES

  2. .Income of any member of the family of persons working in India under cooperative or technical assistance Programme — fully exempted as per conditions given u/s 10(9). • Gratuity-exempted u/s 10(10) as per limits. • Commuted value of pension-Fully exempted u/s 10(I0A) as per conditions given. • amount received as leave encashment on retirement-Fully exempted u/s 10(10AA) as per conditions given. • .Retrenchment compensation given to workers-Fully exempted u/s 10(1 OB) as per conditions given. • Income received by a person on behalf of certain funds set-up by the Central Government-exempted as per conditions given u/s 1O(23C). • Any income received by an Investor Protection Fund by way of contributions received from recognised stock exchanges and the members thereof shall be fully exempted.

  3. . Educational Schoiarships-Fully exempted u/s 10(16). Allowances received by MP/MLAMLC fully Exempted u/s 10(17). Any award instituted or notified by State or Central Govt.-Fully exempted u/s 10(17 A). Any pension received by winners of Paramvir Chakra, Mahavir Chakra, or Vir Chakra, and family pension received by widows or children or nominated heirs of a deceased member of the armed forces (including para military forces) during operation shall be fully exempted u/s 10 (18) and [10(19)]. Income from one palace self occupied by former rulers shall be fully exempted u/s 10(19A). Income of a local authority-exempted as per conditions given u/s 10(20).35. Income of a scientific research association-exempted as per conditions given u/s 10(21).

  4. . Income of State level Khadi and Village Industries Boards- exempted as per conditions given u/s IO(23BB), Income of certain authorities set up to manage religious and charitable institutions exempted as per conditions given u/s 10(23BBA). Income of European Economic Community-exempted as per conditions given u/s IO(23BBB). Income of “SAARC Fund set up for regional projects exempted as per conditions given u/s IO(23BBC). Any income of the Secretariat of Organisation of Supreme Audit Institutions shall be fully exempted for 7 years u/s IO(23BBD). . Any income of the Insurance Regulatory Authority of India shall be fully exempted u/s IO(23BBE). Income from International sporting event. Income received as a grant by a subsidiary company Capital gain of a business engaged in transmission of power. Capital gain on compulsory acquisition of agriculture land.

  5. Income of Pension Fund set up by the Life Insurance Corporation exempted as per conditions given u/s 10(23 AB). Income of institutions set up for development of Khadi and village industries exempted as per conditions given u/s 10(23B). Income of State level Khadi and Village Industries Boards- exempted as per conditions given u/s IO(23BB), Income of certain authorities set up to manage religious and charitable institutions exempted as per conditions given u/s 10(23BBA). Income of European Economic Community-exempted as per conditions given u/s IO(23BBB). Income of “SAARC Fund set up for regional projects exempted as per conditions given u/s IO(23BBC). Any income of the Secretariat of Organisation of Supreme Audit Institutions shall be fully exempted for 7 years u/s IO(23BBD). Any income of the Insurance Regulatory Authority of India shall be fully exempted. Any income of North-Eastern Development Finance Corporation ltd.

  6. Income received by a person on behalf of certain funds set-up by the Central Government-exempted as per conditions given u/s 1O(23C). Any income received by an Investor Protection Fund by way of contributions received from recognised stock exchanges and the members thereof shall be fully exempted. Income of credit guarantee Trust for small investors shall be fully exempted fora period of . Income of Mutual Funds-exempted as per conditions given . Income of venture capital company-exempted as per conditions . Income of venture capital company and venture capital Fund from investments made in equity shares in venture capital undertaking exempted as per conditions given u/s 10 23FB). Income of registered trade unions-exempted as per conditions given Income of Provident Funds or Superannuation Funds-exempted as per conditions given u/s 10(25). Income of Employees' State Insurance Fund-exempted as per Income of Scheduled Tribe Members — exempted as per conditions given u/s 10(26). Income of persons of Ladakh-exempted as per conditions given u/s (26A).

  7. Income of a corporation set up for promoting the interests of Scheduled castes, tribes and backward classes-exempted as per conditions ). Any income of a corporation established by a Central, Slate or provincial Act for the welfare and economic up liftrnent of ex-servicemen being the citizens of India shall be fully exempted. Income of a cooperative society set up for promoting the interests of scheduled castes, tribes and backward classes-exempted Amount received as subsidy from or through Tea Board-Fully exempt Amount received as subsidy from or through Rubber, Coffee or any other Board set up for growing 67 commercial crops-Fully exempted In case income of a minor child is clubbed with income of either of his parents u/s 64(IA), that parent can claim an exemption u/s 10(32) of Rs. 1.500 per child whose income is so clubbed. Income by way of dividend from Indian company [Section 10(34)].

  8. Income from units of UTI and other Mutual Funds [Section 10(35) Income from sale of shares in certain cases [Section 10(36)1- Any income arising from the transfer of a long-term capital asset, being an eligible equity share in a company purchased on or after the 1 st day of March, 2003 and before the 1 st day of March 2004 and held for a period of twelve months or more. Long Term Capital Gain on transfer of securities covered under Transaction Tax[Section 10 (38)]

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