Income Exempt From Tax According To Section 10 Of Income Tax Act 1961

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EXEMPTED INCOME:

EXEMPTED INCOME

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What is Exempted Income?? As per section 10 to 13A, certain incomes are either totally exempt from tax or exempt up to a certain limit Such incomes which do not form part of total income may also called incomes exempt from tax

EXEMPTION U/S 10 (1):

EXEMPTION U/S 10 (1) Agricultural income = Totally Exempt Provided it falls within the definition of agriculture income given u/s 2(1A)

EXEMPTION U/S 10 (2):

EXEMPTION U/S 10 (2) Share from income of HUF Any individual, being a member of HUF Entire amount = EXEMPT FROM TAX

EXEMPTION U/S 10 (7):

EXEMPTION U/S 10 (7) Any allowance or perquisites- paid or allowed outside India To citizen of India by Govt. For rendering service outside India= Exempt

EXEMPTION U/S 10 (10BB):

EXEMPTION U/S 10 (10BB) Any payment made Under BHOPAL GAS LEAK ACT 1985 = Exempt

EXEMPTION U/S 10 (10AA):

EXEMPTION U/S 10 (10AA)

EXEMPTION U/S 10(10AA):

EXEMPTION U/S 10(10AA)

EXEMPTION U/S 10 (10BC):

EXEMPTION U/S 10 (10BC) Any amount received or receivable by an individual From the govt. or local authority by way of compensation Is Exempt from tax

EXEMPTION U/S 10 (10CC):

EXEMPTION U/S 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

EXEMPTION U/S 10 (10D):

EXEMPTION U/S 10 (10D) Any sum received from life Insurance Policy Is fully exempt from tax

EXEMPTION U/S 10(11) :

EXEMPTION U/S 10(11) Any Payments received from a provident fund to which provident fund act applies Or from PPF set up by central govt. Is exempt from tax

EXEMPTION U/S 10 (13A):

EXEMPTION U/S 10 (13A) Minimum of the following is exempt 50% of salary if house is situated at Delhi, Mumbai, Madras and Kolkata OR 40% of salary if house is at any other place Actual HRA received Rent paid less 10% of salary

EXEMPTION U/S 10 (16):

EXEMPTION U/S 10 (16) Scholarships granted to meet cost of education is exempt

EXEMPTION U/S 10 (17):

EXEMPTION U/S 10 (17) Any of the following Allowances received by a MP and MLA are exempt in full Daily Allowance Constituency Allowance

EXEMPTION U/S 10 (32):

EXEMPTION U/S 10 (32) Minor’s income clubbed with individual is exempt Upto Rs. 1,500 per child

EXEMPTION U/S 10 (33):

EXEMPTION U/S 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 Hence it is exempt from tax in the hands of shareholder

EXEMPTION U/S 10 (35):

EXEMPTION U/S 10 (35) Any income Received on units of UTI and Mutual Funds Covered u/s 10(23D) Is exempt from tax

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