GST

Tax Free Income In India

 

Section

Eligible Assesses

Type of income exempt

10(1)

All Assesses

Agricultural income

10(2)

A member of HUF being individual

Amount received out of family income, or in case of impartible estate, amount received out of income of family estate

10(2A)

Partner of a firm

Share of profit in total income of the firm

10(4)
  1. Non-resident
  2. Person resident outside India (as defined in FEMA) and person who has been permitted to maintain said account by RBI
  1. Interest on securities or bonds notified by the Central Government including premium on redemption of such bonds
  2. Interest received on Non-resident (External) Account

(C.G. will not specify any bonds after 1-6-2002)

10(5)

Salaried employee (See Salary)

Leave travel concession or assistance

10(7)

Citizens of India

Foreign allowances or perquisites paid or allowed by Government to its employees posted abroad

10(8)

Individual

Foreign income and remuneration received from foreign Government for services rendered in connection with any co-operative technical assistance programmes and projects in accordance with agreement entered into by Central Government and foreign Government

10(10)

Salaried employee (See Salary)

Death-cum-retirement gratuity received by employees

10(10A)

Salaried employee (See Salary)

Payment in commutation of pension received from Government/Private employer/ LIC Fund u/s 10(23AAB)

10(10AA)

Salaried employee (See Salary)

Amounts by way of encashment of unutilised earned leave on retirement.

10(10B)

Workman (See Salary)

Retrenchment compensation upto maximum of Rs. 5,00,000

10(10BB)

Any Assessee

Payments made under Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985

10(10C)

Salaried Employee (See Salary)

Payment received on voluntary retirement in accordance with approved.

10(10CC)

Salaried employee

In case of perquisite not provided for by way of monetary payment, tax on such income actually paid by the employer.

10(10D)

All assessee

Any sum received under a life insurance policy other than amounts received under a Keyman insurance policy

10(11)

Individual/ Hindu undivided family

Payment from public provident fund/statutory provident fund

10(12)

Salaried employee

Accumulated balance payable to employee participating in recognised provident fund (subject to certain conditions)

10(13)

Salaried employee

Payment from approved superannuation fund in specified circumstances and subject to certain limits

10(13A)

Salaried employee (See Salary)

House rent allowance (subject to certain limits)

10(14)

Salaried employee (See Salary)

Prescribed allowances or benefits

10(15)

Individual/HUF

Income from notified securities
(C.G. will not specify any bonds after 1-6-2002)

10(16)

Individual

Scholarship granted to meet cost of education

10(17A)

Any assessee

Amount received in cash or in kind as award instituted by Central/ State Government or reward instituted by C.G. approved body

10(18)

Individual - Central/ State Government employee or his family member

Pension received by individuals as stated above.

10(20)

Local authority

Specified incomes of a local authority

10(21)

Scientific Research Association

Income of approved scientific research associations approved u/s. 35

10(22B)

News agencies

Income of notified news agency set up in India.

10(23)

Sports and games associations and institutions
(upto A.Y. 2002-03)

Income of notified sports or games associations or institutions.

10(23A)

Professional associations

Income of approved professional bodies other than income from house property, income received for rendering specific services and income by way of interest or dividends.

10(23AAA)

Any person on behalf of employees welfare fund

Any Income

10(23AAB)

Fund set up by LIC

Income of fund set up by LIC under an approved pension Scheme

10(23B)

Public charitable trust/registered society

Income of institution existing solely for development of khadi or village industries

10(23BB)

Khadi and Village Industries Board

Any Income

10(23BBA)

Body/Authority established, constituted or appointed under Central, State or Provincial Act

Income of a body or authority established for administration of public religious or charitable trusts or endowments.

10(23C)
  1. University/ other educational institution Hospitals/nursing home
  2. Charitable/Religious trusts and institutions

Certain Incomes of the said institutions subject to certain conditions.

10(23D)

Mutual Fund registered under SEBI Act, 1992, and Notified Mutual Fund set up by public sector bank or financial institution or authorised by RBI

Income of Mutual Fund subject to notified conditions

10(23F)

Approved venture capital fund/ venture capital company

Dividends or long-term capital gains of approved venture capital fund/venture capital company from investments made before 1-4-1999

10(23FA)

Approved venture capital funds/ venture capital companies

Any income by way of dividends
(Other than referred to in s. 115-O), or long-term capital gains of approved venture capital funds and venture capital companies from investments made before 31.3.2000 by way of equity shares in a venture capital undertaking

10(23FB)

Venture capital company/fund

Income of a venture capital company or venture capital fund set up to raise funds for investment in a venture capital undertaking

10(23G)

Infrastructure capital fund or infrastructure capital company

Dividends
(Other than referred to in s. 115-O), interest or LTCG from investment in shares or L.T. finance

10(32)

Any individual

Income of minor child clubbed u/s 64(1A) to the extent of Rs. 1,500 per child

10(33)

All Assessee
(upto A.Y. 2002-03)
  1. Dividends declared/ paid by domestic companies excluding dividend u/s. 2(22)(e)
  2. Any income from units of UTI
  3. Any income from units of mutual fund specified under section 10(23D).

10A

Industrial undertaking in

  1. Free Trade Zone (FTZ)
  2. Electronic Hardware Technology Park (EHTP) or Software Technology Park (STP) w.e.f. A.Y. 1994-95 or Special Economic Zone (SEZ) w.e.f. A.Y.2001-2002.
  1. Income for any 5 consecutive years out of first 8 years from the year of commercial production.
  2. W.e.f A.Y. 2000-2001 income for 10 years from the year of Commercial Production.
  3. W.e.f. A.Y. 2001-2002, income from exports eligible for deduction for 10 year of commercial production or up to A.Y.2009-2010, whichever is earlier.
  4. For A.Y. 2003-04, the deduction would be 90% of the profits derived by an undertaking.

10B

Undertaking as a 100% Export-oriented Undertaking (100% EOU).

As Above in s. 10A

10C

Industrial undertaking in any Integrated Infrastructure Development Center or Industrial Growth Centre in North Eastern region.

Income of ten consecutive A.Y.s from the year of production.

11

Charitable/religious trust / institution

Income from property held for charitable or religious purposes