Exemption Under Section 10- Explained

by Account BuddyDecember 12, 20180 Comments


Here are the list of nature of income & their sections which are Exempted from Tax u/s 10 Income Tax Act, 1961.

List of Exempted Incomes ﴾Tax‐Free﴿ Under Section‐10
1. Agriculture Income [Section 10(1)]
2. Any sum received by a Coparcener from Hindu Undivided Family (H.U.F.) [Section 10(2)]
3. Share of Income from the Firm [Section 10(2A)]
4. Interest paid to Non-Resident [Section 10(4)(i)]
5. Interest to Non-Resident on Non-Resident(External) Account [Section 10(4)(ii)]
6. Interest paid to a person of Indian Origin and who is Non-Resident [Section 10(4 B)]
7. Travel Concession to an Indian Citizen Employee [Section 10(5)]
8. Remuneration received by an individual who is not a citizen of India [Section 10(6)]
9. Tax paid by Government or Indian concern on Income of a Foreign Company [Section 10(6A),(6B), (6BB) and (6C)]
10. Perquisites and Allowances paid by Government to its Employees serving outside India [Section-10(7)]
11. Employees of Foreign Countries working in India under Cooperative Technical Assistance Programme [Section 10(8)]
12. Income of a Consultant [Section 10(8A)]
13. Income of Employees of Consultant [Section 10(8B)]
14. Income of any member of the family of individuals working in India under cooperative technical assistance programmes [Section 10(9)]
15. Gratuity [Section 10(10)]
16. Commuted value of pension received [Section 10(I0A)]
17. Amount received as leave encashment on retirement [Section 10(10AA)]
18. Retrenchment compensation paid to workmen [Section 10(10B)]
19. Payment received under Bhopal Gas Leak Disaster (Processing of Claims) Act 1985 [Section 10(10BB)]
19A. Compensation received in case of any disaster [Section 10(10BC) ]
20. Retirement Compensation from a Public Sector Company or any other Company [Section 10(10C)]
21. Income by way of tax on perks [Section 10(10CC)]
22. Any sum received under a life insurance policy [Section 10(10D)]
23. Payment from Statutory Provident Fund [Section 10(11)]
24. Payment from Recognised Fund [Section 10(12)]
25. Payment from Superannuation Fund [Section 10(13)]
26. House Rent Allowance [Section 10(13A) Read with Rule -2A]
27. Any Allowance given for meeting Business Expenditure [Section 10(14)]
28. Interest Incomes [Section 10(15)]
29. Lease rental income of a foreign government or foreign enterprise from leasing of aircraft/aircraft engine to an Indian company [Section 10(15A)]
30. Scholarship [Section 10(16)]
31. Allowance of M.P./M.L.A.Ior M.L.C. [Section 10(17)]
32. Awards Instituted by Government [Section 10(17A)]
33. Pension received by certain winners of gallantry awards [Section 10(18)]
34. Family pension received by family members of armed forces including para military forces
[Section 10(19)]
35. Income from one palace of a former ruler [Section 10(19A)]
36. Income of a local authority [Section 10(20)]
37. Income of scientific research association [Section 10(21)]
38. Income of a News Agency [Section 10(22B)]
39. Income of some Professional Institutions [Section 10(23A)]
40. Exemption of Income Received by Regimental Fund [Section 23AA]
41. Income of a Fund setup for the welfare of employees or their dependents [Section 10(23AAA)]
42. Income of a pension fund set up by LIC or other insurer [Section 10(23MB)]
43. Income of Institutions established for development of Khadi and Village Industries [Section
10(23B)]
44. Income of State Level Khadi and Village Industries Board [Section 10(23BB)]
45. Income of certain Authorities set up to manage Religious and Charitable Institutions [Section
10(23BBA)]
46. Income of European Economic Community [Section 10(23BBB)]
47. Income of a SAARC Fund for regional projects [Section 10(23BBC)]
48. Any income of Insurance Regulatory and Development Authority [Section 10(23BBE)]
49. Income of Prasar Bharti [Section 10(23BBH)] [Inserted by the Finance Act 2012, w.e.f. 201314]
50. Any income received by a person on behalf of following Funds [Section 10(23C)]
51. Income of Mutual Fund [Section 10(23D)]
52. Exemption of income of a securitisation trust [Section 10(23DA)j [w.e.f. A.Y. 201415]
53. Income of Investor Protection Fund [Section 10(23EA)]
54. Income of the Credit Guarantee Trust for Small Industries [Section 10(23EB)]
55. Exemption of income of investor protection fund of depository [Section 10(23ED)] [w.e.f. A.Y.
201415]
56. Exemption for Certain Incomes of a Venture Capital Company or Venture Capital Fund from Certain Specified Business or Industries [Section 10 (23FB)]
57. Income of Registered Trade Unions [Section 10(24)]
58. Income of Provident and Superannuation Funds [Section 10(25)]
59. Income of Employee’s State Insurance Fund [Section 10 (25A)]
60. Income of Schedule Tribe Members [Section 10(26) and 10(26A)]
61. Income of Sikkimese individual [Section 10(26AAN] (With retrospective effect from 141990)
62. Regulating the marketing of agricultural produce [Section 10[26AAB]
63. Income of a corporation setup for promoting the interests of Scheduled Castes, Scheduled Tribes or Backward Classes [Section 1 0(26B)]
64. Income of a corporation setup to protect the interests of Minorities [Section 10(26BB)]
65. Any income of a corporation for ex-servicemen[Section 10(26BBB)]
66. Income of cooperative society looking after the interests of Scheduled Castes or Scheduled Tribes or Both [Section 10(27)]
67. Any income accruing or arising to Commodity Boards etc. [Section 10(29A)]
68. Amount received as subsidy from or through the Tea Board [Section 10(30)]
69. Amount received as subsidy from or through the concerned Board [Section 10(31)]
70. Income of child clubbed uls 64 (IA) [Section 10(32)]
71. Income from transfer of capital assets of UTI [Section 10(33)]
72. Income by way of dividend from Indian company [Section 10(34)]
73. Exemption of income to a shareholder on buyback of shares of unlisted company [Section 10
(34A) [w.e.f. A.Y. 201415]
74. Income from units of UTI and other mutual funds [Section 10(35)]
75. Exemption of income from securitisation trust [Section 10(35A)] [w;e.f A.Y. 201415]
76. Income from sale of shares in certain cases [Section 10(36)]
77. Capital Gain on compulsory acquisition of urban Agricultural Land [Section 10(37)]
78. Long Term Capital Gain on transfer of shares and securities covered under Security Transaction
Tax (STT) [Section 10(38)]
79. Income from international Sporting event [Section 10(39)]
80. Income received as grant by a subsidiary company [Section 10(40)]
81. Income from transfer of asset of an undertaking engaged in the business of generation, transmission or distribution of power [Section 10(41)]
82. Income of a body or authority set up by two countries [Section 10(42)]
83. Reverse Mortgage [Sec. 10(43)]
84. New Pension System Trust [Sec. 10(44)]
85. Exemption of Allowance or perquisite to chairman/member of UPSC [Section 10 (45)]
86. Exemption of ‘specified income’ of certain bodies or authorities [Section 10(46)]
87. Exemption of Income of notified ‘Infrastructure debt fund’ [Section 10(47)]
88. Exemption of Income of a foreign company from sale of Crude Oil in India [Section 10 (48)]
89. Exemption of income of National Financial Holdings Company [Section 10(49)] [w.e.f. A.Y.
2014-15]

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