Section 10(23FF) of the Income Tax Act provides a targeted capital gains exemption for non-residents and specified funds in the context of relocation of offshore funds to India. What’s Exempt: Capital gains arising or received by: A non-resident, or A specified fund (typically a Category III AIF in an IFSC), from the transfer of shares […]

Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered trade unions and their associations. Who Qualifies: A registered union under the Trade Unions Act, 1926, formed primarily to regulate: Relations between workmen and employers, or Relations among workmen themselves. An association of such registered unions.

Section 10(25) of the Income Tax Act provides tax exemptions for income earned by various retirement-related funds, ensuring that contributions and earnings meant for employee welfare aren’t eroded by taxation. What’s Exempt: Interest and capital gains from securities held by: Provident funds governed by the Provident Funds Act, 1925. Income received by trustees on behalf

Section 10(25A) of the Income Tax Act provides a complete tax exemption for any income of the Employees’ State Insurance Fund (ESI Fund). Key Features: Eligible Entity: The Employees’ State Insurance Fund, established under the Employees’ State Insurance Act, 1948. Nature of Exemption: All income of the ESI Fund is exempt from income tax—this includes

Section 10(26) of the Income Tax Act provides a tax exemption for members of Scheduled Tribes residing in certain specified areas of India. Who Qualifies: The individual must be a member of a Scheduled Tribe as defined in Article 366(25) of the Constitution. They must be residing in: Areas specified in Part I or II

Section 10(30) of the Income Tax Act provides a tax exemption for subsidies received by tea growers and manufacturers in India under specific government-notified schemes. Who Qualifies: Any assessee engaged in the business of growing and manufacturing tea in India. What’s Exempt: Subsidies received from or through the Tea Board for: Replantation or replacement of

Section 10(32) of the Income Tax Act provides a modest exemption when a minor child’s income is clubbed with that of a parent under Section 64(1A). When It Applies: If a minor child earns income (e.g., interest, rent, dividends) and it is clubbed with the income of the parent (typically the one with higher income),

Section 10(34A) of the Income Tax Act provides a tax exemption for shareholders on income received from a buy-back of shares by a domestic company, but only under specific conditions. What’s Exempt: Any income arising to a shareholder from a buy-back of shares by a domestic company is exempt in the hands of the shareholder,

Section 10(37) of the Income Tax Act provides a capital gains exemption for individuals or Hindu Undivided Families (HUFs) on the compulsory acquisition of urban agricultural land. Key Conditions for Exemption: Eligible Person: Only individuals or HUFs can claim this exemption. Nature of Land: The land must be urban agricultural land—i.e., land within or near