Exempted Incomes

Section 10(11) of the Income Tax Act provides tax exemption on withdrawals from a Statutory Provident Fund (SPF). This applies to government employees and certain recognized institutions. Key Features of Section 10(11) Applies to Statutory Provident Fund (SPF): Maintained under the Provident Funds Act, 1925 Mainly for government employees, railways, universities, and approved institutions Fully Tax-Free: Both employer & […]

Section 10(11A) provides full tax exemption on withdrawals from a Sukanya Samriddhi Account (SSA), making it one of the most tax-efficient savings schemes for a girl child’s future. Key Features of Sukanya Samriddhi Account (SSA) Eligibility: Only for girl children below 10 years(extended to 14 years in 2023) Maximum 2 accounts per family(exception for twins/triplets) Tax Benefits: Contributions: Deductible under Section 80C(up

Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident Fund (RPF), which is the most common PF scheme for private-sector employees in India. Key Features of Section 10(12) Tax-Free Withdrawal Conditions ✅ Full exemption if: Employee has completed 5+ years of continuous service(including different employers if PF transferred) Withdrawal is at retirement/resignation(not job

Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the National Pension System (NPS), India’s voluntary defined contribution pension scheme. This provision specifically deals with the tax treatment of lump sum withdrawals from NPS accounts upon closure or opting out of the scheme. Key Provisions of Section 10(12A) Under

Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National Pension System (NPS) Trust for employees, subject to specific conditions set by the Pension Fund Regulatory and Development Authority (PFRDA). The exemption applies to withdrawals up to 25% of the employee’s own contributions (excluding employer contributions) for specified

Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled in the Agnipath Scheme, a short-term service program for the Indian Armed Forces. This provision specifically deals with the tax treatment of payments received from the Agniveer Corpus Fund upon completion of service. Key Provisions of Section 10(12C) Under Section

Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved superannuation fund under specific conditions. A superannuation fund is a retirement benefit scheme, typically set up by an employer, to provide pension or lump-sum payments to employees upon retirement, death, or certain other events. The exemption under this

Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received by an employee to meet rental expenses. This exemption is subject to certain limits and conditions. Conditions for HRA Exemption: The employee must be a salaried individualreceiving HRA as part of their salary. The exemption is available only if the employee pays

This section provides exemption for certain allowances received by employees to meet expenses incurred in the performance of official duties. These allowances are exempt either fully or partially, depending on the nature of the allowance and the conditions prescribed. Categories Under Section 10(14): Fully Exempt Allowances– Given for official duties (no specific limit). Partially Exempt Allowances– Exempt up to

This section provides tax exemptions on certain types of interest income earned from specified bonds, securities, and government schemes. The exemption encourages investments in government-backed instruments. Key Exemptions Under Section 10(15) Interest on Tax-Free Bonds (Section 10(15)(iv)(h)) Applicable to:Bonds issued by public sector companies (like NHAI, REC, IRFC, PFC, etc.). Exemption:Fully tax-free if issued under specified conditions. Example: