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EXEMPTED

INCOME(Section-10)

Presented

by:MANYA

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2

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Introduction

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Conti

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These are :

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Section-10(1)

Agricultural Income is exempt from tax

if it comes within the definition of

agriculturalincome as given in Section

2(1A)

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Subject to the provisions of 64(2), any sum

received by an individual as a member of a HUF,

where such sum has been paid out of the incomeof the family, or, in the case of any impartibly

estate, where such sum has been paid out of the

income of the estate belonging to the family.

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In case the income of an :

individual includes the income of his minor childin terms of section 64(1A), such an individual

shall be entitled to exemption of Rs. 1,500/- in

respect of each minor child if the income of such

minor is includible under section 64(1A) exceeds

that amount.

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Any income arising from the transfer of a capital

asset being a unit of US 64and where the transfer

of such assets takes place on or after 1.04.2002,shall be exempt from tax. This exemption is

applicable whether US 64 Unit is long term

capital asset or short term capital asset.

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(c) Non-Govt. employee and not covered by the

payment of Gratuity Act, 1970(i) Rs. 3,50,000

(ii) Halfmonths average salary for

each completed year of service(iii) Gratuity actually received

Least of the above three is exempt.

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Contd

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Contd

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Contd

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Contd

3.

.

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Contd

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Contd

lower.

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kamal maghani 35

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Contd

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Contd

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Contd

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Contd

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Contd

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Government Employee Non-government employeecovered by the payment of

Gratuity Act, 1972

Non-government employee notcovered by the payment of

Gratuity Act, 1972

It is fully exempt fromtax under section

10(10)(i)

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Contd

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Contd

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Provident Fund

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Contd

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Contd

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C d

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Contd

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C d

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Contd

15. Banking cash transaction tax, securitiestransaction tax and commodities

transaction tax.

16. Advertisement expenses [Sec. 37(2B)].

17. General Deduction [Sec. 37(1)].

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C d

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Contd

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.

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C td

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Contd

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C td

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Contd

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