Exempted incomes

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 […]

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

House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided by employers to help employees meet their rental expenses. However, when it comes to taxation, there are certain rules and regulations that govern the tax treatment of HRA. Under Section 10(13A) of the Income Tax Act, 1961, the HRA

Notified special allowance is an allowance that has been notified by the Central Government under Section 10(14) of the Income Tax Act, 1961. It is exempt from tax to the extent that it is actually incurred by the employee for the performance of their official duties. The exemption for Notified Special Allowance under Section 10(14)

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

Section 10(16) of the Income Tax Act, 1961 provides exemption from income tax for scholarships granted to meet the cost of education. This exemption is available to all taxpayers, including individuals, Hindu Undivided Families (HUFs), companies, and partnerships. To be eligible for exemption under Section 10(16), the scholarship must be granted by a recognized educational

Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility. These elected representatives play a crucial role in shaping the laws and policies of our country. To support them in carrying out their duties effectively, MPs and MLAs are entitled to various allowances, including daily and

Under Section 10(17A) of the Income Tax Act, any award or reward received by an individual in recognition of their exceptional work or achievements is exempt from income tax. The following are the types of awards and rewards that are exempt from income tax under Section 10(17A): Awards and rewards instituted by the Central Government

Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for tax exemption on the pension received. This provision is applicable to individuals who have been awarded with the Param Vir Chakra, Maha Vir Chakra, or Vir Chakra, which are the highest gallantry awards in India. The pension received

Section 10(19) of the Income Tax Act provides an exemption for the family pension received by the family members of Armed Forces personnel who have been killed in action. This exemption is also applicable to the family members of para-military forces personnel who have been killed in action. When a member of the Armed Forces