|
Section
|
Type of assessee
|
Type of income
|
Exempt amount
|
Remarks
|
|
10(1)
|
All assessees
|
Agricultural income.
|
No limit
|
See definition – S. 2(1A). Income derived
from any land or building for any purpose other than agriculture would be
taxable.
|
|
10(2)
|
Member of HUF
|
Sum paid out of income of family or income of
impartible estate.
|
No limit
|
Subject to the provision of S.
64(2).
|
|
10(2A)
|
A person being a partner of a firm
|
Share in the total income of the firm
separately assessed as a firm.
|
No limit
|
For share of the partner see Explanation to
this sub-section.
|
|
10(4)(i)
|
Non-resident
|
Interest on specified securities or
bonds.
|
No limit
|
No securities or bonds to be specified on or
after 1-6-2002. For specified securities see Notification No. SO-3331, dated
19-10-1965.
|
|
10(4)(ii)
|
Individual, being resident outside India under
FERA permitted by RBI to maintain NRE account
|
Interest from NRE account.
|
No limit
|
The exemption which was withdrawn from 1st
April, 2005 has been restored.
|
|
10(4B)
|
Non-resident being a citizen of India or a
person of Indian origin
|
Interest on specified saving certificate issued
before
1-6-2002 subscribed in foreign currency.
|
No limit
|
—
|
|
10(7)
|
Citizen of India
|
Allowances or perquisites by Government for
services rendered outside India.
|
No limit
|
—
|
|
10(10BC)
|
Individual or his legal heir
|
Compensation from Central Government, State
Government or Local authorities on account of any disaster.
|
No limit
|
Exemption not allowed on the amount allowed as
deduction under any other section under the Income-tax Act on account of loss or
damage caused by such disaster.
|
|
10(10D)
|
All assessees
|
Any sum received under a life insurance policy
including bonus.
|
No limit
|
The following amount shall not be exempt
:
1. Amount received from an insurance company
on death of dependent being a person with disability in respect of an insurance
policy issued to him for the maintenance of such dependent.
2. Amount received under a Keyman Insurance
Policy (For definition of "Keyman Insurance Policy" refer to Explanation to
this sub-section.)
3. Sum received under an insurance policy
issued on or after 1-4-2003, where premium payable for any of the years exceeds
20% of the actual capital sum assured unless such sum is received on death of a
person.
4. Sum received under an insurance policy
issued on or after 1-4-2012, where premium payable for any of the years exceeds
10% of the actual capital sum assured unless such sum is received on death of a
person.
5. Sum received by a person with a disability
or severe disability as referred to section 80U under an insurance policy
issued on or after 1-4-2013, where premium payable for any of the years exceeds
15% of the actual capital sum assured, unless such sum is received on death of
a person.
|
|
10(11)
|
All assessees
|
Payments from a statutory P.F. or public P.F.
or from notified P.F.
|
No limit
|
For notified P.F., refer Notification No.
SO-2430 dated 2-7-1968.
|
|
10(12)
|
Salaried employee
|
Accumulated balances due from recognised
Provident Fund.
|
Full amount of accumulated balance
|
Employee has put in 5 or more years of service
or termination of service is due to his ill health or closure of employers
business or the balance from recognised P.F. is transferred to another recognised
fund.
|
|
10(13)
|
Salaried employee
|
Payment from approved superannuation
|
Full amount
|
Payment is on death or on retirement after
specified fund, age or his becoming incapacitated prior to such
retirement.
|
|
10(15)(i)
|
All assessees
|
Income by way of interest, premium on
redemption or other payment from notified securities, bonds, certificates, etc.
issued and notified by Central Government.
|
Limits as specified in the
Notification
|
—
|
|
10(15)(iib)
|
Individual or HUF
|
Interest on notified capital investment
bonds.
|
No limit
|
No bonds to be specified on or after
1-6-2002.
|
|
10(15)(iic)
|
Individual or HUF
|
Interest on notified Relief Bonds.
|
No limit
|
—
|
|
10(15)(iid)
|
Individual who is NRI at the time of
acquisition of the bonds or his successor or the donee
|
Interest on notified Bonds being NRI Bonds,
1988, NRI Bonds (second series) issued by SBI.
|
No limit
|
No exemption available in the year of premature
encashment. No bonds to be specified on or after 1-6-2002
|
|
10(15)(iv)(c)
|
Non-resident
|
Interest payable by industrial undertaking on
money borrowed or debt incurred prior to 1-6-2001 in foreign country in respect
of purchase of raw materials, components or plant and machinery and approved by
Central Government including usance interest payable outside India by an
undertaking engaged in the business of ship breaking in respect of purchase of a
ship from outside India.
|
No limit
|
—
|
|
10(15)(iv)(fa)
|
NR or NOR
|
Interest paid by a scheduled bank on RBI
approved foreign currency deposits, FCNR and RFC accounts.
|
No limit
|
The exemption which was withdrawn from 1-4-2005
has been restored.
|
|
10(15)(vi)
|
All assessees
|
Interest on Gold Deposit Bond Scheme,
1999.
|
No limit
|
—
|
|
10(15)(vii)
|
All assessees
|
Interest on notified bonds issued by a local
authority or by a State Pooled Finance Entity.
|
No limit
|
Ahmedabad notified vide 812(E) dt.
21-8-2001, 364(E) dt. 16-3-2004, 407(E) dt. 24-3-2005, and 333(E) dt. 8-3-2007,
Hyderabad notified vide 275(E) dt. 4-3-2002, and 1482(E) dt. 29-12-2003,
Nashik notified vide 269(E) dt. 7-3-2003. Tamil Nadu notified vide 545(E)
dt. 12-5-2003, Chennai notified vide 392(E) dt. 23-3-2004, 402(E) dt.
23-3-2005 and 408(E) dt. 24-3-2005, Karnataka notified vide 941(E), dt.
20-8-2004, and 729 (E) dt. 27-5-2005, Visakhapatnam notified vide 1481(E)
dt. 29-12-2003, Nagpur notified vide 10(E) dt. 4-1-2007
|
|
10(15)(viii)
|
NR or NOR
|
Interest on deposit made on or after 1-4-2005
in an offshore banking unit referred to in Special Economic Zones Act,
2005.
|
—
|
—
|
|
10(16)
|
Individual
|
Scholarship granted to meet cost of
education.
|
No limit
|
—
|
|
10(17A)
|
All assessees
|
Payment in cash/kind as award instituted by
Central/State Government or award instituted by the Central Government approved
body.
|
No limit
|
—
|
|
10(18)
|
Central or State Government employee
|
Pension.
|
No limit
|
Such employee is awarded Param Vir Chakra or
Maha Vir Chakra or Vir Chakra or such other notified gallantry award.
|
|
Any family member of an employee referred
above
|
Family Pension.
|
No limit
|
—
|
|
10(19)
|
Widow, children or nominated heir of a member
of the armed forces (including paramilitary forces) of the Union
|
Family Pension.
|
No limit
|
Where the death of such member of the armed
forces has occurred in the course of operational duties, in such circumstances
and subject to such conditions as may be prescribed.
|
|
10 (23AAA)
|
Any person on behalf of employees welfare
fund
|
Any income.
|
No limit
|
1. Fund is approved by CIT.
2. The income is applied or accumulated for
application towards objects of the fund only.
3. The funds are invested as permitted u/s.
11(5).
4. The approval shall have effect for 3 years
at a time.
|
|
10 (23DA)
|
Securitisation Trust
|
Any income from the activity of
securitisation.
|
No limit
|
__
|
|
10(23ED)
|
Investor Protection Fund set up by
depository
|
Contribution received from the
depository
|
No limit
|
Exemption not available in respect of amount of
contribution not charged to tax during any previous year and shared with the
depository.
|
|
10(23F)
|
Approved Venture Capital Fund or Venture
Capital Company
|
Dividend and LTCG in respect of equity shares
of a Venture Capital Undertaking.
|
No limit
|
It shall not apply to investment made after
31-3-1999.
|
|
10(23FA)
|
Same as per S. 10(23F)
|
Dividend other than referred in Section 115-O
and LTCG in respect of equity shares of a venture capital undertaking.
|
No limit
|
1. Approved by Central Government.
2. It shall not apply to investment made
after 31-3-2000.
|
|
10(23FB)
|
Venture Capital Fund (VCF) or Venture Capital
Company (VCC) set up to raise funds for Venture Capital Undertaking
(VCU)
|
Income from investment in VCU.
|
No limit
|
1. VCF/VCC granted registration under SEBI
Act.
2. VCF/VCC granted registration as category 1
Alternative investment fund with effect from A.Y. 2013-14
3. VCF is operating under a registered trust
deed or operating as venture capital scheme of UTI.
4. VCF/VCC fulfils conditions specified by
SEBI.
5. VCU must be referred to in SEBI (VCF)
Regulations, 1996 and notified by CBDT.
6. VCU must be engaged in specified
businesses or industries. This condition is no longer applicable w.e.f. A.Y.
2013-14.
7. VCU must be domestic company, whose shares
are not listed on recognised stock exchange in India.
|
|
10(32)
|
Individual — Parent
|
All income of a minor child which is
clubbed.
|
Up to ` 1,500 per minor child
|
—
|
|
10(33)
|
All assessees
|
Capital Gain arising on transfer of Unit 64 on
or after 1-4-2002.
|
No limit
|
—
|
|
10(34)
|
All assessees
|
Dividends referred to in sec. 115-O.
|
No limit
|
—
|
|
10(34A)
|
All assessees
|
Amount received on buy back of unlisted shares
referred to in section 115QA
|
No limit
|
Exemption applies to buy-backs offered after
1-6-2013
|
|
10(35)
|
All assessees
|
• Income in respect of Units of
UTI.
• Income in respect of Units of UTI
units or Mutual Fund specified u/s. 10(23D).
|
No limit
|
Does not apply to income arising from transfer
of units.
|
|
10(35A)
|
All assessees
|
Income distributed by a securitisation trust
referred to in section 115TA.
|
No limit
|
—
|
|
10(36)
|
All assessees
|
LTCG on transfer of equity shares purchased
between 1-3-2003 and 1-3-2004.
|
No limit
|
1. Such equity shares should be of a company
which is part of BSE-500 Index as on 1-3-2003 or where shares are allotted
through public issue after
1-3-2003 and listed on a recognised stock exchange in India before
1-3-2004.
2. Transactions of purchase/sale are entered
through recognised stock exchanges in India.
|
|
10(37) (w.e.f. A.Y. 2005-06)
|
Individual or HUF
|
Capital gains arising from transfer by way of
compulsory acquisition under any law of the agricultural land in urban area
referred to in s. 2(14)(iii)(a) or (b) for which is determined or approved by the
Central Govt. or the RBI.
|
No limit
|
1. Land should have been used for
agricultural purposes by the individual or his parent or the HUF for at least
last 2 years immediately preceding the date of transfer.
2.Exemption applies to
compensation/ consideration/ additional compensation received on or after
1-4-2004.
|
|
10(38) (w.e.f. 1-10-2004)
|
All assessees
|
LTCG on transfer of equity share in company or
a unit of an equity oriented fund where such transaction of sale is entered into
on or after 1-10-2004 and is subjected to Securities Transaction Tax
(STT).
|
No limit
|
1. For transactions subjected to STT please
click here for STT. For definition of equity oriented
fund, please refer Explanation to clause (38).
2. LTCG of a company is however includible in
computing book profits u/s. 115JB from A.Y. 2007-08.
|
|
10(45)
|
Chairman or serving/retired member of
UPSC
|
Notified allowances and perquisites
|
No limit
|
Exemption is available from A.Y.
2008-09.
|
|
10(46)
|
Notified body authority board, Trust or
Commission which is established by a Central/State on provincial Act or by
Central or State Government
|
Specified income
|
Specified Income
|
1. The entity has object of regulating or
administering any activity for the benefit of the general public.
2. The entity does not engage in any
commercial activity.
|
|
10(47)
|
Infrastructure Debt fund set up in accordance
with prescribed guidelines
|
Any Income.
|
No limit
|
The fund has to file its return of
income.
|
|
10A
|
Industrial undertaking in
1. Free Trade Zone (FTZ)
2. Electronic Hardware Technology Park (EHTP) or Software Technology Park (STP)
w.e.f. A.Y. 1994-95
|
W.e.f. A.Y. 2000-01 income for 10 years from
the year of Commercial Production.
W.e.f. A.Y.
2000-01 income for 10 years from the year of Commercial Production.
|
100% (90% for A.Y.
2003-04) of the profits from export computed as profits of the business in
proportion to export turnover to total turnover
100% (90% for A.Y.
2003-04) of the profits from export computed as profits of the business in
proportion to export turnover to total turnover
|
1. Not formed by splitting up or
reconstruction of existing business or by transferring used plant and
machinery.
2. Manufactures/produces articles or things
(including computer software) and cutting and polishing of precious and
semi-precious stones
3. No deduction u/s. 80-IA, u/s. 80-IB, u/s.
80HH, and u/s. 80HHA in relation to the profits and gains of the industrial
undertaking.
4. FTZ/EHTP/STP/SEZ to be notified by Central
Government.
5. Deduction shall be allowed only up to A.Y.
2011-12. However, for SEZ unit this limitation does not apply.
6. Report of a Chartered Accountant
certifying deduction to be furnished.
|
|
3. Special Economic Zone (SEZ) w.e.f. A.Y.
2001-02
|
W.e.f. A.Y. 2001-02, income from exports
eligible for deduction for 10 years from the year of Commercial
Production
|
Undertakings in SEZ which begins to manufacture
or produce on or after 1-4-2003, exempt amount would be 100% of profits from
export for first 5 assessment years, 50% for next two assessment years and for
subsequent three assessment years, amount transferred to Special Economic Zone
Reinvestment Allowance Reserve Account not exceeding 50% of such
profit
|
7. Profit from domestic sales up to 25% of
total sales would be deemed to be profits from exports only for the A.Y.
2001-02.
8. Availing the concession is at the option
of the assessee.
9. Profits from onsite development of
computer software outside India would be deemed to be profits from
export.
10. In the event of transfer of undertaking
under amalgamation or demerger, the deduction shall continue to be allowed to
the amalgamated or the resulting company.
11. No deduction shall be admissible to
amalgamating or demerged company in the year of amalgamation or
demerger.
12. Deduction not allowable if return not
filed by due date u/s 139(1).
13. Does not apply to any undertaking being
unit referred to in sec. 2(zc) of the SEZ Act, 2005, which begins to
manufacture or produce articles or things or computer software after 1-4-2005
in any SEZ.
14. The amount transferred to Reserve Account
should be utilised for purposes specified in sub-section (1B).
|
|
10AA
|
Undetaking set up in Special Economic Zone
w.e.f. A.Y. 2006-07
|
W.e.f. A.Y. 2006-07 income from export eligible
for deduction starting from the year of commercial production.
|
100% of profit from export for first 5 A.Y.,
50% for next 5 A.Y., & for subsequent 5 A.Y. amount trfd. to SEZ Reinvestment
reserve A/c not exceeding 50% of such profit. Profits from export computed as
profits of the undertaking in proportion to export turnover to total turnover of
the undertaking
|
1. Not formed by splitting up or
reconstruction of existing business or by transferring used plant and
machinery.
2. In the event of transfer of undertaking
under amalgamation or demerger, the deduction shall continue to be allowed to
the amalgamated or the resulting company
3. No deduction shall be admissible to
amalgamating or demerged company in the year of amalgamation or
demerger.
4. Report of a Chartered Accountant
certifying deduction to be furnished.
5. The amount transferred to Reserve Account
should be utilised for purposes specified in sub-section (2).
|
|
10B
|
Undertaking approved as a 100% Export oriented
Undertaking under section 14 of IDRA (100% EOU)
|
Same as Industrial undertaking in Free Trade
Zone
|
Same as Industrial undertaking in Free Trade
Zone
|
Same as 10A above, except No. 4.
|
|
10BA
|
Undertaking manufacturing or producing
"eligible articles or things"; i.e., all hand-made articles or things, which are
of artistic value and which requires the use of wood as the main raw
material
|
W.e.f. A. Y. 2004-05 income derived from export
out of India of "eligible articles or things" up to A. Y. 2009-10.
|
Profits from export computed as profits of the
business in proportion to export turnover to total turnover
|
1. Undertaking which has claimed deduction
u/s 10A or 10B for any assessment year shall not be entitled to this
deduction.
2. Manufactures eligible articles or things
without the use of imported raw materials. It employs 20 or more
workers.
3. Not formed by splitting up or
reconstruction of the existing business or by transferring used plant and
machinery.
4. 90% or more of its sales during the
relevant previous year are by way of the exports of the eligible articles or
things.
5. Report of a Chartered Accountant
certifying deduction to be furnished. No other deduction allowed under any
other section in respect of the eligible export profit.
|
|
10C
|
Industrial undertaking in any Integrated
Infrastructure Development Centre or Industrial Growth Centre in North-Eastern
region
|
Income of ten consecutive A.Ys. from the year
of production up to A.Y. 2003-04.
|
No limit
|
1. Manufactures or produces any article or
thing on or after 1-4-1998.
2. Not formed by splitting up or
reconstruction of the existing business or by transferring used plant and
machinery.
3. No deduction u/ss. 80HH, 80HHA, 80-I,
80-IA, 80-IB or 80JJA in relation to profit and gains of the industrial
undertaking.
4. No deduction is allowed if return not
filed by due date prescribed u/s. 139(1).
|
