Income exempt u/s 10(2a)
Some of acrobat professional 6.0 full the important items of income, which are fully exempt from income tax and livro biologia marinha pdf which can be utilised by an assessee for the purpose of tax planning, are described below: (A) agricultural income, under the provisions of Section 10(1) of the Income Tax Act.
Agricultural income as per Section 2(1 A) means : (A) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (B) any income derived from such land by (i) agriculture.e., by actual cultivation of land and.
Income from other sources: Interest accrued on NSC xxx, the same amount is claimed as deduction u/s 80C.(J) leave salary, under Section 10(10AA) the maximum amount receivable by the employees of Central Government as cash equivalent to the leave salary in respect of earned leave at their credit upto 10 months leave at the time of their retirement, whether on superannuation.Is being subjected to tax if the same is not received from relative, etc.Exempt u/s 10 or is allowed as deduction u/s 80C.Any sum received by an individual as a member of a Hindu Undivided Family, where the said sum has been paid out of the income of the family, or, in the case of an impartible estate, where such sum has been paid out of the.However, Section 56(2) provides that the amount received to the extent of 50,000 will, however, be exempt from the purview of income tax.NSC Interest is taxable income from other source and allowed as deduction u/s 80C.Income from salary: Employer's Contribution to PF xxx, less: Exempt u/s 10 xxx, in case of Interest accrued on PPF and NSC.Similarly, the incomes of newly established 100 export oriented undertakings, the industries set up in Free Trade Zones (only 90 exemption of income for AY industries in NorthEastern Region, etc., are fully exempt from income tax.Would also be exempted.(H) gratuities, under the provisions of Section 10(10) of the IT Act, any deathcum-retirement gratuity of a government servant is completely exempt from income tax.It may be noted here that the monthly pension receivable by a pensioner is liable to full income tax like any other item of salary or income and no standard deduction is now available in respect of pension received by a tax payer.PPF interest is fully exempt u/s.Thus, if the shares of any company listed in the stock exchange are sold after holding it for a minimum period of one year then there will be no liability to payment of capital gains.(5) dividends ON shares AND units - section 10(34) (35) As per Finance Act, 2003 from the Assessment Year 2004-05, the dividend daxter psp iso direct income and income of units of Mutual Funds would be completely exempt from income tax.
(V) amount received BY WAY OF gift, ETC section 10(39) As per the Finance (No.2) Act, 2004, gift, etc.
(0) certain types OF interest payment There are certain types of interest payments which are fully exempt from income tax u/s 10(15).