EXEMPTION U/S 10 (1) Agricultural income Any assessee Entire amount Rent or Revenue.

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Presentation transcript:

EXEMPTION U/S 10 (1) Agricultural income Any assessee Entire amount Rent or Revenue

EXEMPTION U/S 10 (2) Share from income of HUF Any individual, being a member of HUF Entire amount Only those members can claim exemption who are entitled to demand share on partition or entitled to maintenance under Hindu LawHindu Law

EXEMPTION U/S 10 (2A) Share of profit from firm Any assessee, being a partner of a partnership firm. Exemption is allowable only if the partnership firm of which the assessee is a partner is assessed as such

EXEMPTION U/S 10 (4) Any assessee, being a non-resident Amount received as interest or premium on redemption on specified bonds or securities Entire amount Bonds or securities must be specified by the Central Government by notification in Official Gazette on or before 1st June’2002.

EXEMPTION U/S 10 (10D) Any Receipts from life Insurance Policy

EXEMPTION U/S 10(11) An individual Payments received from a provident fund Entire amounts The provident fund should fall within the purview of the Provident Funds Act, 1925 or should be set up and notified by the Central Government.

EXEMPTION U/S 10 (16) Scholarships to meet cost of education An individual Scholarships should be received to meet the cost of education. It’s not necessary that the scholarship should be financed by Govt. only.

EXEMPTION U/S 10 (17) Allowances of MP and MLA Entire amount Prescribed Allowances Daily Allowance, Constituency Allowance

EXEMPTION U/S 10 (23D) Any income The Fund must be registered with SEBI; or The Fund should be a notified one set up by a Public sector bank/ Public financial institution/ is authorized by RBI on this behalf.

EXEMPTION U/S 10 (32) Minor’s income clubbed with individual Upto Rs. 1,500/-

EXEMPTION U/S 10 (33) Dividend from Indian Companies, Income from units of Unit Trust of India and Mutual Funds, and income from Venture Capital Company/fund.

EXEMPTION U/S 10 (34) & (35) Any person Dividend received from an Indian company Entire amount Any income by way of dividend received on which Corporate Dividend tax is payable. Remember that Dividend received from a Co-operative Society is not exempt from tax.

EXEMPTION U/S 10 (36) Any person Long Term Capital Gains Entire amount An eligible equity share being a Long term capital asset is transferred. Such shares are acquired after March 1st’ 2003 but before March 1st’ Such shares are held by the taxpayer for more than 12 months.

EXEMPTION U/S 10 (37) Individual or HUF Capital gains on transfer of agricultural land situated in area specified in item Entire amount The capital gains must arise from compulsory acquisition of agricultural land held in an urban area and compensation is received on or after 1st April, 2004

EXEMPTION U/S 10 (38) Any person Long term Capital Gain Entire amount Such transaction is chargeable to Securities Transaction Tax. Long term Capital gain must arise on transfer of equity shares of a listed company or units of equity oriented mutual funds