Exempted incomes

Under Section 10(4D) of the Income Tax Act, a specified fund is eligible for certain exemptions on its income. This provision aims to encourage investments in specific funds that contribute to the welfare of society. What is a Specified Fund? A specified fund refers to a fund established by the government or any other entity […]

Section 10(4E) of the Income Tax Act, 1961 provides an exemption from tax on income arising from the transfer of non-deliverable forward (NDF) contracts entered into by a person with an Offshore Banking Unit (OBU) located in an International Financial Services Centre (IFSC). NDF contracts are financial contracts that are settled in cash, rather than

Section 10(4F) specifically applies to income earned by a non-resident from a unit of an International Financial Services Centre (IFSC) in India. An IFSC is a designated area that provides various financial services to residents and non-residents. The exemption under Section 10(4F) is aimed at encouraging the leasing of aircraft in IFSCs and attracting global

Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by an employer to an employee. This provision applies to both domestic and international travel. The purpose of this section is to provide relief to individuals who incur travel expenses as a part of their employment. [Exemption will not

Section 10(6) of the Income Tax Act, 1961 provides an exemption from income tax for certain income received by an individual who is not a citizen of India. Conditions: However, there are certain conditions that need to be fulfilled for this exemption to apply. Firstly, the individual must not be a citizen of India. Secondly,

According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering services outside of India are not considered as income and therefore, are not subject to taxation. This means that if you are an employee who receives allowances or perquisites for work done outside of India, you do not need

Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is governed by Section 10(10) of the Income Tax Act, 1961. In this blog post, we will explore the details of Death-cum-Retirement Gratuity and how it impacts employees. What is Death-cum-Retirement Gratuity? Death-cum-Retirement Gratuity is a lump sum amount paid by an

Section 10(10A) of the Income Tax Act in India relates to the tax treatment of payments made in commutation of pension received by employees. Commutation of pension refers to the lump-sum payment that an employee receives in lieu of a portion of their regular pension. Here’s an overview of Section 10(10A): Payment in commutation of

Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations provide their employees with the option to encash their unused leave days. However, when it comes to the tax treatment of leave encashment, there are certain rules and regulations that need to be followed. In India, the tax treatment of leave

Section 10(10B) of the Income Tax Act in India provides an exemption for compensation received by employees on retrenchment. This exemption is intended to provide relief to employees who are retrenched or terminated from their employment. Here are the key points related to Section 10(10B): Any compensation received by a workman at the time of