Jan 10, 2023 · Section 10 of the Income-tax Act,1961 includes all those exemptions that a taxpayer can get while paying income tax. What are Exemptions Under Section 10? Here is a list of exempted income under Section 10: Section 10 (13A) of the Income Tax Act covers House Rent Allowance (HRA).

Examples of income that is exempt from income tax under Section 10(20) include: Rent income from properties owned by the local authority; Interest income on deposits made by the local authority; Royalty income from the exploitation of natural resources; Income from the sale of goods and services by the local authority; Income from property taxes

Sep 6, 2024 · Section 10 of the Income-tax Act, 1961, provides several exemptions and allowances to reduce income tax burdens for taxpayers, particularly salaried professionals. Introduced by the Government of India, these provisions offer tax rebates on various income components, such as house rent allowance, travel allowance, gratuity, and leave encashment.

Feb 3, 2025 · Learn how to make the most of income tax exemption under Section 10 with our expert guide. Discover the benefits and details of this important section today!

Jan 15, 2025 · Section 10 of the Income Tax Act specifies incomes that are exempt from taxation. While calculating the taxable income, certain sources of income are excluded under this section. Understanding these provisions allows taxpayers to optimize their tax liabilities efficiently.

Feb 4, 2024 · Section 10 of the Income Tax Act, 1961, provides a list of incomes that are exempt from taxation under Indian law. These exemptions are designed to provide relief to taxpayers, promote specific activities, and serve social and economic objectives.

Section 10 (10) of the Income Tax Act pertains to income received from the government in the form of gratuity. This section is particularly relevant to private sector employees, as it determines whether or not they are eligible for gratuity based on their coverage under the Act.

Section 10 of the Income Tax Act allows a list of exemptions which are available to tax-payers, both salaried as well as non-salaried individuals. You can claim an exemption under Section 10 for different types of incomes that you earn in a financial year. Section 10 contains various subsections which allow exemptions on different types of incomes.

Section 10 of Income Tax Act is an essential provision under the Indian Income Tax Act, 1961. It provides various exemptions and deductions to taxpayers, reducing their taxable income and, ultimately, their tax liability.

May 15, 2024 · Section 10 of the Income Tax Act defines income/allowances that are not part of the main income of an individual. These incomes are exempted from taxation as per the provisions laid down in Section 10. The tax law also deals with special allowances given to salaried individuals.