Exempted incomes

Section 10(19A) of the Income Tax Act, 1961, exempts the annual value of one palace in the occupation of a former ruler from tax. However, if the palace is let out, the income from the rental is taxable. The term “palace” is not defined in the Income Tax Act, but it is generally understood to […]

Section 10(20) of the Income Tax Act, 1961 provides exemption from income tax for the income of a local authority. A local authority is defined as any person or body of persons constituted by or under any law enacted by Parliament or by a State Legislature for the purpose of local government, or for the

An approved research association refers to an organization that is primarily engaged in scientific research. It can be a university, college, or any other institution that is recognized by the government as a research association for the purposes of Section 10(21). To be approved, the association must meet the following criteria: It must be a

Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax. To be eligible for this exemption, the news agency must be notified by the Central Government in the Official Gazette. The income of a specified news agency includes income from all sources, such as: Subscription fees Advertising

Section 10(23C) of the Income Tax Act, 1961 provides for the exemption of income of certain funds of national importance. This provision aims to encourage and support organizations that are engaged in activities of national importance and are working towards the welfare of the society. Funds eligible for Exemptions: Any income received by any person

When it comes to investing in mutual funds, it is important to understand the various tax implications. One such aspect is the income of notified mutual funds, which falls under Section 10(23D) of the Income Tax Act. This section provides certain tax benefits to investors in notified mutual funds. Notified mutual funds are those funds

Business trusts have gained popularity in recent years as a unique investment vehicle. They offer investors the opportunity to earn regular income from the trust’s underlying business activities. One of the key benefits of investing in a business trust is the tax treatment of the distributed income received by unit holders. Section 10(23FD) of the

Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA) and Sovereign Wealth Funds (SWFs). This exemption aims to encourage foreign investment and promote economic growth in India. Key Provisions Under Section 10(23FE), the following conditions must be satisfied for

Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with employers to secure better wages, working conditions, and benefits for their members. But have you ever wondered how trade unions generate income and whether it is taxable? Under Section 10(24) of the Income Tax Act, trade unions enjoy

Section 10(26) of the Income Tax Act provides special provisions for the income of a member of a Scheduled Tribe residing in certain Specified Areas. This provision aims to ensure that the members of Scheduled Tribes living in specified areas receive certain benefits and exemptions regarding their income. Section 10(26) of the Income Tax Act,