Exempted incomes

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

When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the government and various organizations provide compensation to the affected individuals and businesses to help them recover and rebuild. However, it is important to understand the tax implications of such compensation. Under Section 10(10BC) of the Income Tax

Section 10(10C) of the Income Tax Act provides an exemption to employees who receive a certain amount on voluntary retirement or separation from service. This exemption is applicable to both government and non-government employees. According to the provisions of Section 10(10C), any amount received by an employee as a voluntary retirement compensation is exempt from

Section 10(10CC) of the Income Tax Act, 1961 deals with the taxation of non-monetary perquisites provided by an employer to an employee. Non-monetary perquisites refer to benefits or facilities provided by the employer other than monetary compensation. Under this section, any non-monetary perquisite provided by the employer is considered as taxable income for the employee.

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

Provident Fund (PF) is a social security scheme in India that provides financial assistance to employees after retirement or superannuation. The scheme is mandatory for all employees earning up to Rs. 15,000 per month. Under the PF scheme, both the employee and the employer contribute to the employee’s PF account. The employee’s contribution is deducted

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.

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

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