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Tax Freee Income | Tax Free Income India
TDS Gift Tax Capital Gains Retirement Benefits Housing Property Partnership Firms Trusts VAT In India India Budget 2005-06 Investment In India Savings Schemes In India Mutual Funds Insurance
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
Tax Free Income In India Section 10(1)
10(2)
10(2A)
Type of income exempt All assessees Agricultural income Amount received out of family income, or in case of impartible A member of HUF being estate, amount individual received out of income of family estate Share of profit in total Partner of a firm income of the firm Eligible Assessees
Indian Law Indian Law Other Indian Links Education in India Indian History Jobs in India
1 of 5
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
10(5)
Salaried employee (See Salary)
10(7)
Citizens of India
10(8)
Individual
10(10)
Salaried employee (See Salary)
10(10A)
Salaried employee (See Salary)
10(10AA)
Salaried employee (See Salary)
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) Leave travel concession or assistance Foreign allowances or perquisites paid or allowed by Government to its employees posted abroad 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 Death-cum-retirement gratuity received by employees Payment in commutation of pension received from Government/Private employer/ LIC Fund u/s 10(23AAB) Amounts by way of encashment of unutilised earned leave on retirement.
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
10(10B)
Workman (See Salary)
10(10BB)
Any Assessee
10(10C)
Salaried Employee (See Salary)
10(10CC)
Salaried employee
10(10D)
All assessee
10(11)
Individual/ Hindu undivided family
10(12)
Salaried employee
10(13)
Salaried employee
10(13A)
Salaried employee (See Salary)
10(14)
Salaried employee (See Salary)
10(15)
Individual/HUF
10(16)
Individual
10(17A)
Any assessee
10(18)
Individual - Central/ State Government employee or his family member
10(20)
Local authority Scientific Research
2 of 5
on retirement. Retrenchment compensation upto maximum of Rs. 5,00,000 Payments made under Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 Payment received on voluntary retirement in accordance with approved. In case of perquisite not provided for by way of monetary payment, tax on such income actually paid by the employer. Any sum received under a life insurance policy other than amounts received under a Keyman insurance policy Payment from public provident fund/statutory provident fund Accumulated balance payable to employee participating in recognised provident fund (subject to certain conditions) Payment from approved superannuation fund in specified circumstances and subject to certain limits House rent allowance (subject to certain limits) Prescribed allowances or benefits Income from notified securities (C.G. will not specify any bonds after 1-6-2002) Scholarship granted to meet cost of education Amount received in cash or in kind as award instituted by Central/ State Government or reward instituted by C.G. approved body Pension received by individuals as stated above. Specified incomes of a local authority Income of approved scientific research
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
10(21)
10(22B)
10(23)
10(23A)
10(23AAA)
10(23AAB)
10(23B)
10(23BB)
10(23BBA)
10(23C)
Scientific Research Association
scientific research associations approved u/s. 35 Income of notified News agencies news agency set up in India. Income of notified Sports and games sports or games associations and associations or institutions institutions. (upto A.Y. 2002-03) Income of approved professional bodies other than income from house property, Professional associations income received for rendering specific services and income by way of interest or dividends. Any person on behalf of Any Income employees welfare fund Income of fund set up by LIC under an Fund set up by LIC approved pension Scheme Income of institution Public charitable existing solely for trust/registered society development of khadi or village industries Khadi and Village Any Income Industries Board Income of a body or Body/Authority authority established established, constituted or for administration of appointed under Central, public religious or State or Provincial Act charitable trusts or endowments. 1. University/ other educational institution Certain Incomes of the Hospitals/nursing said institutions home subject to certain 2. Charitable/Religious conditions. trusts and institutions
Mutual Fund registered under SEBI Act, 1992, Income of Mutual Fund and Notified Mutual Fund 10(23D) subject to notified set up by public sector conditions bank or financial institution or authorised by RBI Dividends or long-term capital gains of Approved venture capital approved venture 10(23F) fund/ venture capital capital fund/venture company capital company from investments made before 1-4-1999 Any income by way of dividends (Other than referred to in s. 115-O), or long-term capital gains of approved venture Approved venture capital capital funds and 10(23FA) funds/ venture capital venture capital
3 of 5
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html 10(23FA)
funds/ venture capital companies
venture capital companies from investments made before 31.3.2000 by way of equity shares in a venture capital undertaking Income of a venture capital company or venture capital fund Venture capital set up to raise funds 10(23FB) company/fund for investment in a venture capital undertaking Dividends (Other than referred to Infrastructure capital fund in s. 115-O), interest 10(23G) or infrastructure capital or LTCG from company investment in shares or L.T. finance Income of minor child clubbed u/s 64(1A) to 10(32) Any individual the extent of Rs. 1,500 per child
10(33)
All Assessee (upto A.Y. 2002-03)
Industrial undertaking in
10A
4 of 5
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. 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). 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.
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html earlier. 4. For A.Y. 2003-04, the deduction would be 90% of the profits derived by an undertaking.
10B
10C
11
Undertaking as a 100% Export-oriented Undertaking (100% EOU). Industrial undertaking in any Integrated Infrastructure Development Center or Industrial Growth Centre in North Eastern region.
As Above in s. 10A
Income of ten consecutive A.Y.s from the year of production.
Income from property Charitable/religious trust / held for charitable or institution religious purposes Our Partners | Loan Calculator | Amortization
5 of 5
10/25/2009 8:00 PM
TDS Gift Tax Capital Gains Retirement Benefits Housing Property Partnership Firms Trusts VAT In India India Budget 2005-06 Investment In India Savings Schemes In India Mutual Funds Insurance
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
Tax Free Income In India Section 10(1)
10(2)
10(2A)
Type of income exempt All assessees Agricultural income Amount received out of family income, or in case of impartible A member of HUF being estate, amount individual received out of income of family estate Share of profit in total Partner of a firm income of the firm Eligible Assessees
Indian Law Indian Law Other Indian Links Education in India Indian History Jobs in India
1 of 5
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
10(5)
Salaried employee (See Salary)
10(7)
Citizens of India
10(8)
Individual
10(10)
Salaried employee (See Salary)
10(10A)
Salaried employee (See Salary)
10(10AA)
Salaried employee (See Salary)
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) Leave travel concession or assistance Foreign allowances or perquisites paid or allowed by Government to its employees posted abroad 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 Death-cum-retirement gratuity received by employees Payment in commutation of pension received from Government/Private employer/ LIC Fund u/s 10(23AAB) Amounts by way of encashment of unutilised earned leave on retirement.
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
10(10B)
Workman (See Salary)
10(10BB)
Any Assessee
10(10C)
Salaried Employee (See Salary)
10(10CC)
Salaried employee
10(10D)
All assessee
10(11)
Individual/ Hindu undivided family
10(12)
Salaried employee
10(13)
Salaried employee
10(13A)
Salaried employee (See Salary)
10(14)
Salaried employee (See Salary)
10(15)
Individual/HUF
10(16)
Individual
10(17A)
Any assessee
10(18)
Individual - Central/ State Government employee or his family member
10(20)
Local authority Scientific Research
2 of 5
on retirement. Retrenchment compensation upto maximum of Rs. 5,00,000 Payments made under Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 Payment received on voluntary retirement in accordance with approved. In case of perquisite not provided for by way of monetary payment, tax on such income actually paid by the employer. Any sum received under a life insurance policy other than amounts received under a Keyman insurance policy Payment from public provident fund/statutory provident fund Accumulated balance payable to employee participating in recognised provident fund (subject to certain conditions) Payment from approved superannuation fund in specified circumstances and subject to certain limits House rent allowance (subject to certain limits) Prescribed allowances or benefits Income from notified securities (C.G. will not specify any bonds after 1-6-2002) Scholarship granted to meet cost of education Amount received in cash or in kind as award instituted by Central/ State Government or reward instituted by C.G. approved body Pension received by individuals as stated above. Specified incomes of a local authority Income of approved scientific research
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html
10(21)
10(22B)
10(23)
10(23A)
10(23AAA)
10(23AAB)
10(23B)
10(23BB)
10(23BBA)
10(23C)
Scientific Research Association
scientific research associations approved u/s. 35 Income of notified News agencies news agency set up in India. Income of notified Sports and games sports or games associations and associations or institutions institutions. (upto A.Y. 2002-03) Income of approved professional bodies other than income from house property, Professional associations income received for rendering specific services and income by way of interest or dividends. Any person on behalf of Any Income employees welfare fund Income of fund set up by LIC under an Fund set up by LIC approved pension Scheme Income of institution Public charitable existing solely for trust/registered society development of khadi or village industries Khadi and Village Any Income Industries Board Income of a body or Body/Authority authority established established, constituted or for administration of appointed under Central, public religious or State or Provincial Act charitable trusts or endowments. 1. University/ other educational institution Certain Incomes of the Hospitals/nursing said institutions home subject to certain 2. Charitable/Religious conditions. trusts and institutions
Mutual Fund registered under SEBI Act, 1992, Income of Mutual Fund and Notified Mutual Fund 10(23D) subject to notified set up by public sector conditions bank or financial institution or authorised by RBI Dividends or long-term capital gains of Approved venture capital approved venture 10(23F) fund/ venture capital capital fund/venture company capital company from investments made before 1-4-1999 Any income by way of dividends (Other than referred to in s. 115-O), or long-term capital gains of approved venture Approved venture capital capital funds and 10(23FA) funds/ venture capital venture capital
3 of 5
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html 10(23FA)
funds/ venture capital companies
venture capital companies from investments made before 31.3.2000 by way of equity shares in a venture capital undertaking Income of a venture capital company or venture capital fund Venture capital set up to raise funds 10(23FB) company/fund for investment in a venture capital undertaking Dividends (Other than referred to Infrastructure capital fund in s. 115-O), interest 10(23G) or infrastructure capital or LTCG from company investment in shares or L.T. finance Income of minor child clubbed u/s 64(1A) to 10(32) Any individual the extent of Rs. 1,500 per child
10(33)
All Assessee (upto A.Y. 2002-03)
Industrial undertaking in
10A
4 of 5
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. 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). 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.
10/25/2009 8:00 PM
Tax Freee Income | Tax Free Income India
http://www.tax4india.com/income-tax-india/tax-free-incomes.html earlier. 4. For A.Y. 2003-04, the deduction would be 90% of the profits derived by an undertaking.
10B
10C
11
Undertaking as a 100% Export-oriented Undertaking (100% EOU). Industrial undertaking in any Integrated Infrastructure Development Center or Industrial Growth Centre in North Eastern region.
As Above in s. 10A
Income of ten consecutive A.Y.s from the year of production.
Income from property Charitable/religious trust / held for charitable or institution religious purposes Our Partners | Loan Calculator | Amortization
5 of 5
10/25/2009 8:00 PM
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