Income Tax Exemptions

Sec 10DescriptionApplicabilityAmountRemarks
1Agricultural IncomeIndividualAny sum 
2Income received by individual as a member of HUFIndividualAny sum 
2AIncome of a partner of a firmIndividualShare in profits as per Partnership deed 
4Interest income on securities, Bonds, etc received by NRI NRIAny sum subject to conditions in act 
5Leave Travel allowanceIndividualExpenditure actually incurred or allowance whichever is lower 
6Income of a individual, not a citizen of IndiaIndividualRemuneration received 
7Allowances or perquisites paid outside India by the Govt for rendering services outside IndiaIndividualAny allowances or perquisites 
8Income of an individual who is assigned duties in india by foreign govt.IndividualAs per the agreement between Indian Govt. and Foreign Govt. 
9Income of any family member of an individual referred in clause (8) which accrues or arises outside india.IndividualAny sum 
10GratuityIndividualLower of Gratuity actually received, Rs. 20 Lakhs, Gratuity actually received 
10APensionIndividualTo the extent it does not exceed a) In case employees receives any gratuity commuted value of 1/3rd of pension b) In any other case commuted value of one half of such pension 
10AALeave salary received at the time of retirementIndividualLeast of the following: a) 3,00,000 b) Actual Leave encashment amount c) Average salary of last 10 months d) Salary per day * unutilised leave (Max. 30 days leave per year) for every year of completed service 
10BCompensation received under Industrial Disputes ActIndividualAny compensation 
10BBPayment under Bhopal Gas leak disasterAssesseeTo the extent such assessee has been allowed deuction under this Act 
10BCCompensation from Govt on account of any disasterIndividualAny amount 
10CPayment under voluntary retirement schemeIndividualIn case of public sector company Max exemption is 5 Lakhs 
10CCPerquisites from employer on which tax is paid by employerIndividualAmount of perquisite 
10DSum received under life insurance policyIndividualAny sum received including sum allocated by way of Bonus 
11Payment from Provident fundIndividualAny payment 
11APayment from Sukanya samriddhi accountAssesseeAny payment 
12Accumulated balance due from recognized provident fundIndividualAccumulated Bal subject to Rule 8 of Part A of Fourth Schedule 
12APayment from national pension scheme – Opting Out of pension schemeIndividualTo the extent of 60% of total amount payable 
12BPayment from national pension scheme- Partial withdrawalIndividualTo the extent of 25% of amount of contributions made by him 
13Payment from superannuation fundIndividualAny payment 
13AHRAIndividualLower of HRA Received, Actual rent paid minus 10% of salary, & 40 % of salary 
14Transport / Conveyance allowanceIndividual19,200 p.a 
14 (i) Rule 2BBChildren education allowanceIndividualRs. 100 per month per child upto Max. 2 Children 
15Income by way of ineterst on securitiesIndividualTotal income subject to such conditions and limits specified in notification 
15APayment made by indian company engaged in business of operation of aircraftCompanyAny payment 
16Scholarship granted to meet cost of educationIndividualTotal amount of scholarship 
17Allowances received by reason of his memebership of parliamentIndividualAny payment 
17AAward by the central/State govt in cash or kindAssesseeAny payment 
18Pension received by person who is awarded with gallantry awardsIndividualAny payment 
19Family pesion received by widow or childrenIndividualAmount received. 
19AAnnual value of any one palace in the occupation of rulerAssesseeAnnual value of every such palace is exempt 
20Income of a local authority chargeable under head “Income from House Property”, “Capital Gain”, “Income from other sources”AuthorityTotal Income 
21Income of a research associationAssociationAny Income Subject to conditions in act 
22BIncome of news agencyAgencyAny Income Subject to conditions in act 
23AIncome of an association having its object the control, supervision, regulation of profession of law, medicine, etcAssociationAny Income Subject to conditions in act 
23AAIncome received on behalf of any regimental fund.IndividualAny Sum 
23AAAIncome received on behalf of a fund established for welfare of employeesIndividualAny Income Subject to conditions in act 
23AABIncome of a fund set up by Life insurance corporation of indiaFundAny Sum 
23BIncome of a public charitable trustTrustAny Income Subject to conditions in act 
23BBIncome of an authority established for development of khadiAuthorityAny Sum 
23BBAIncome of an authority established for administration public charitable trustAuthorityAny Sum 
23BBBIncome of european economic communityAssociationAny Sum 
23BBCIncome of SAARC fundFundAny Sum 
23BBDIncome of secratariat of asian organisationSecratariatAny Sum 
23BBEIncome of IRDAAuthorityAny Sum 
23BBFIncome of north eastern development finance coporationCompanyAny Sum 
23BBGIncome of central electricity regulatory commissionAuthorityAny Sum 
23BBHIncome of prasar bharatiAuthorityAny Sum 
23CIncome received by any person on behalf of PM’s fundsAssesseeAny Income Subject to conditions in act 
23DIncome of Mutual fundMutual FundAny Sum 
23DAIncome of securatisation trustTrustAny Sum 
23EAIncome by way of contribution received from recognized stock exchangeFundAny Sum 
23EBIncome of credit guaratee fund trust for small industriesTrustAny Income of Five AY Beginning on 1-4-2002 to 31-3-2007 
23ECIncome by way of contribution received from commodity exchangeFundAny Sum 
23EDIncome by way of contribution received from depository of such investor protection fundFundAny Income Subject to conditions in act 
23EEAny specified income of core settlement guarantee fundFundAny Income Subject to conditions in act 
23FIncome of venture capital fundFundAny Income Subject to conditions in act 
23FAIncome of venture capital fundFundAny Income Subject to conditions in act 
23FBIncome of venture capital fundFundAny Income Subject to conditions in act 
23FBAIncome of an investment fundFundAny Income other than income chargeable under the head PGBP 
23FBBIncome of an Unit holder of an investment fundFundAny Sum 
23FBCIncome of an Unit holder of specified fundFundAny Sum 
23FCIncome of a business trustTrustAny Sum 
23FCAIncome of a business trust, being a real estate investment trustTrustAny Sum 
23FDDustributed income received by unit holder from business trustTrustAny Sum 
23FEIncome of a specified person in nature of dvidend, etcFundAny Income Subject to conditions in act 
24Income chargeable under the head “income from house property” and “income from other sources” of a registered unionAssociationAny Sum 
25Interest on securities held by provident fundFundAny Sum 
25AIncome of Employee state insurance FundFundAny Income 
26Income of a member of scheduled tribeIndividualAny Income 
26AIncome of any person form any source in district of ladakhIndividualAny Income Subject to conditions in act 
26AAAIncome In case of any individual sikkimeseIndividualAny Income Subject to conditions in act 
26AABIncome of agriculture produce market committeeAssociationAny Income 
26BIncome of a corporation established by central, state act financed by govtAssociationAny Income 
26BBIncome of a corporation established by central, state govt for promoting interest of member of minority communityAssociationAny Income 
26BBBIncome of a corporation established by central, state act for welfare and upliftment of ex-servicemenAssociationAny Income 
27Income of cooperative societySocietyAny Income 
29AIncome accruing to coffee board, rubber board , etcAssociationAny Income 
30person carrying on business of growing and manufacturing teaAssesseeSubsidy received from or through Tea Board 
31person carrying on business of growing and manufacturing rubber, coffeeAssesseeSubsidy received from or through concerned Board 
32income of a minor child not exceeding 1500 per child p.aIndividual1500 per child p.a 
33income from transfer of capital assetTrustAny Income Subject to conditions in act 
34income by way of dividendsAssesseeAny sumAfter 1-4-20 this clause will not apply to any dividend other than dividend on which tax under sec 115-O and 115BBDA has been paid
34Aincome by way of buyback of sharesAssesseeAny Income 
35income by way of units of mutual fundAssesseeAny Income Subject to conditions in act 
35AIncome received form securitisation trust by any personTrustAny Income Subject to conditions in act 
36Income arising from long term capital asset being an eligible equity share in companyAssesseeAny Income Subject to conditions in act 
37Income chargeable under the head Capital gains arising from transfer of agricultural landAssesseeAny Income under the head “Chargeable Income” 
37AIncome form capital gains on transfer of specified capital assetIndividual / HUFAny Income Subject to conditions in act 
38Income form transfer of long term capital asset being an equity share in a company AssesseeAny Income Subject to conditions in act 
39Income from international sporting eventAssesseeAny specified income as notified by the central Govt 
40Income of a subsidiary by way of grant received form holding Co. whose holding company carries the business of power generationCompanyAny Income 
41Income on transfer of capital asset of an undertaking engaged in business of powerCompanyAny Income 
42Income arising to body or authorityAuthorityAny Income Subject to conditions in act 
43amount received by individual as a loan in transaction of reverse mortgageIndividualAny amount 
44income received by person on behalf of new pension system trustAssesseeAny Income 
45Allowance or perquisite paid to chairman of union public service commissionIndividualAny Income 
46Income of body or authority established by govtAuthorityAny specified income as notified by the central Govt 
47Income of infrastructure debt fundFundAny Income 
48Income received in india by foreign company on account of sale of crude oil or any other goods or servicesCompanyAny Income Subject to conditions in act 
48AIncome received in india by foreign company on account storage of crude oilCompanyAny Income Subject to conditions in act 
48BIncome received in india by foreign company on account of sale of leftover stock of crude oilCompanyAny Income Subject to conditions in act 
48CIncome accruing to indian strategic petroleum reserve ltdCompanyAny Income Subject to conditions in act 
49Income of national financial holdings ltd.CompanyAny Income 
50Income arising from any specified service as per Clause (i) of Sec 64 of Chapter VIII of Finance Act, 2016AssesseeAny Income 

Above are the Income Tax Exemptions

By Team Aikar Guru India Private Limited

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