S.Y.B.COM
SEMESTER - III
ELEMENTS OF DIRECT TAXES
(EDT)
UNIT - I
EXEMPTED INCOMES
Following incomes are exempt from tax under section 10 of Income Tax Act, 1961 and they do not form part of total income.
1. Agricultural income [Section 10 (1)]
2. Receipts by a member from a Hindu Undivided Family [Section 10 (2)]
3. Share of profit received by a partner from a partnership firm [Section 10 (2A))
4. Interest received by a Non- resident [Section 10 (4)]
5. Leave Travel Concession [Section 10 (5)]
6. Fees for technical services [Section 10 (6C)
7. Gratuity [Section 10 (10)]
8. Pension [Section 10 (10A)]
9. Leave salary [Section 10 (10AA)]
10. Retrenchment compensation [Section 10 (10B)]
11. Compensation received at the time of voluntary retirement [Section 10 (10C)]
12. Amount paid on life insurance policies [Section 10 (10D)]
13. Payment from provident fund [Section 10 (11)
14. Payment from approved superannuation fund [Section 10 (13)]
15. House Rent Allowance [Section 10 (13A)]
16. Special Allowances [Section 10 (14)
17. Inters on securities [Section 10 (15)]
18. Educational scholarships [Section 10 (16)]
19. Daily allowance of Members of Parliament (Section 10 (17)]
20. Awards [Section 10 (17A)]
21. Family pension received by family members of armed forces [Section 10 (19)]
22. Notional property income of any one palace occupied by a former ruler[Section 10(19A)
23. Income of local authority [Section 10 (20)]
24. Income of an approved research association [Section 10 (21)]
25. Income of professional institutions [Section 10 (23A)]
26. Income of educational institutions (Section 10 (23C)]
27. Income of hospitals [Section 10 (23C)]
28. Income of trade unions [Section 10 (24)]
29. Income of provident funds (Section 10 (25)]
30. Income of minor [Section 10 (32)]
31. Dividend and interest on units (Section 10 (34)/(35)]
32. Long term capital gain on equity shares/ units covered by STT [Section 10 (38)]
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