Tax Ready Reckoner

Direct and Indirect Tax Ready Reckoner for the Assessment Year 2022-23 & 2023-24.

Amount received under a Life Insurance Policy [Section 10(10D)]

Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a life insurance policy. According to Section 10(10D), any amount received under a life insurance policy, including the sum assured, bonus, or any other payment made on the death of the insured, is exempt from tax. This […]

Amount received under a Life Insurance Policy [Section 10(10D)] Read More »

Interest and withdrawals from Sukanya Samriddhi Account (SSA) [Section 10(11A)]

The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education and welfare of the girl child. It offers attractive interest rates and tax benefits to account holders. Here, we will discuss the interest and withdrawals from the Sukanya Samriddhi Account under Section 10(11A) of the Income Tax Act.

Interest and withdrawals from Sukanya Samriddhi Account (SSA) [Section 10(11A)] Read More »

Payments from Recognized Provident Fund [Section 10(12)]

A recognized provident fund is a retirement savings scheme that is approved by the government. It is a tax-efficient way to save for your future and enjoy certain benefits under Section 10(12) of the Income Tax Act. Section 10(12) provides for exemption from tax in the hands of an employee on the following payments received

Payments from Recognized Provident Fund [Section 10(12)] Read More »

Exemption of Amount payable at the time of Closure or Opting Out of National Pension Scheme (NPS) [Section 10(12A)]

Section 10(12A) of the Income Tax Act, 1961 provides that any amount received by an individual from the National Pension System (NPS) on account of closure or opting out of the scheme shall be exempt from tax to the extent of 60% of the total amount payable to him at the time of closure or

Exemption of Amount payable at the time of Closure or Opting Out of National Pension Scheme (NPS) [Section 10(12A)] Read More »

Tax-exemption to Partial Withdrawal from National Pension System (NPS) by an employee [Section 10(12B)]

Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National Pension System (NPS) by an employee. This exemption is available for withdrawals made up to 25% of the employee’s own contribution to the NPS, subject to the terms and conditions specified by the Pension Fund Regulatory and Development

Tax-exemption to Partial Withdrawal from National Pension System (NPS) by an employee [Section 10(12B)] Read More »

Any payment from an Approved Superannuation Fund [Section 10(13)]

When it comes to retirement planning, superannuation funds play a crucial role in providing financial security. In India, the Income Tax Act, 1961, allows for certain exemptions and benefits for payments received from approved superannuation funds under Section 10(13). Section 10(13) of the Income Tax Act provides tax benefits on payments received from approved superannuation

Any payment from an Approved Superannuation Fund [Section 10(13)] Read More »

Interest, Premium or Bonus on Specified Investments [Section 10(15)]

The tax treatment of interest, premium, or bonus on specified investments is governed by Section 10(15) of the Income Tax Act, 1961. This section provides exemption from income tax for interest, premium, or bonus received on certain types of investments.: The following types of interest, premium, or bonus on specified investments are exempt from income

Interest, Premium or Bonus on Specified Investments [Section 10(15)] Read More »

Scroll to Top