franchisefere.blogg.se - Section 10 of rti act

Working under central or state government.

Institution formed under a Central, State, or Provincial Act.

The following categories of employees are allowed to claim the tax exemption under the section: Section 10(10C) of the Income Tax Act offers tax exemption of the amount received by an individual for his/her voluntary retirement or termination of his/her services under a voluntary retirement scheme. Section 10(10C) – Exemption on Amount Received from Voluntary Retirement Scheme This includes remunerations received from the Central government, State government, or any local authority. Section 10(10BC) – Exemption on Remuneration Received Against a DisasterĪny remuneration amount that an individual receives from an institution as compensation for damage/suffering from a natural disaster is exempted from taxation under Section 10(10BC) of the Income Tax Act. Section 10(7) of the Income Tax Act exempts allowances or perquisites from taxation that are paid by the government of India to an individual for his rendering of services outside India.

Section 10(7) – Exemption on Allowance or Perquisites Paid by the Government

Remuneration received being a staff/employee of a philanthropic institution established outside India.

Remuneration received being an employee of a foreign enterprise.

Any remuneration as prescribed by the government of India.

The remuneration can be of the following types:

Section 10(6) - Remunerations Received for Representing Indians in a Foreign NationĪny remuneration received by an individual representing India in a foreign nation and who is not a citizen of India is exempted from taxation under section Section 10(6). The travel concession that includes the individual’s family members is also eligible for tax exemption under the section. The exempted amount cannot be more than the actual spending by the individual during the travel.įor example, if the travel concession is Rs 5,000, but the individual has spent only Rs 3,000, he/she can enjoy the tax exemption only on Rs 3,000. Any travel concession received by an individual for his/her employer or his/her previous employer in connection to the travel is tax-free. The leave travel concession received by an individual is exempted from taxation under Section 10(5) of the Income Tax Act. Section 10(5) - Tax Exemption on Travel Concession Interest earned by a person resident outside India on credit in a Non-Resident (External) Account.Interest earned and capital gains made from investments made in bonds and securities specified by the government of India.There are two types of income earned by Non-Residents of India that are eligible for tax exemption: Section 10(4) - Exemption on Income Earned by an NRI However, if the firm pays you more than Rs 30,000 (more than what is mentioned in the partnership deed), you will be liable to pay taxes. For example, if you are a 30% right (as per the deed) on the income earned by a partnership firm, which has earned Rs 1 lakh profit in a financial year, the income of Rs 30,000 received from the firm will be tax-free. The income earned from a partnership firm as per the pertinent deed is eligible for tax exemption under Section 10(2A) of the Income Tax Act. Section 10(2A) - Exemption on Income Received from a Partnership Firm Any income paid out to an individual from the family income is considered tax-free. Section 10(2) of the Income Tax Act offers tax exemptions on the part of the income earned by an individual from a HUF. Section 10(2) - Exemption on Income Received from a HUF Income earned from any farm building used in agricultural activities.Earning from sale proceeds of the agricultural produce.

Income earned from offering growth and preservation services such as cutting, weeding, etc.Income earned from agricultural operations such as sowing, tilling, cultivation, etc.Rental income earned from agricultural land.All the below mentioned agricultural incomes are exempted from taxation: Section 10(1) of the Income Tax Act exempts agricultural income for agricultural lands situated in India. List of Exempted Income Under Section 10 of Income Tax Act Section 10(1) - Agricultural Income Exemption Under Section 10 Let us learn more about the provisions of Income Tax Section 10 in detail. The tax law also deals with special allowances given to salaried individuals. These incomes are exempted from taxation as per the provisions laid down in Section 10. Section 10 of the Income Tax Act defines income/allowances that are not part of the main income of an individual.