Exempted incomes

Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions and deductions available for different categories of individuals. One such category is that of Sikkimese individuals, who enjoy certain benefits under Section 10(26AAA) of the Income Tax Act. Section 10(26AAA) provides for exemption of income earned by individuals […]

Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors. One such provision is Section 10(32), which deals with the clubbing of income of a minor child in the hands of a parent. This provision ensures that any income earned by a minor child is included in

Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the Income Tax Act. This section provides certain exemptions and tax benefits to shareholders who receive income from the buyback of shares. Buy Back of Shares refers to the process through which a company repurchases its own

Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt from tax. This provision was introduced to encourage investments in securitisation trusts and to provide a boost to the securitisation market in India. A securitisation trust is a Special Purpose Vehicle (SPV) that acquires and holds financial

Section 10(37) of the Income Tax Act, 1961 provides for the exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits. This exemption is available to both resident and non-resident individuals and Hindu Undivided Families (HUFs). This provision aims to support farmers and landowners who are forced

In India, hosting international sporting events is not only a matter of pride but also has significant financial implications. To encourage the growth of sports in the country, the government has introduced various provisions to provide tax benefits to athletes and organizations involved in organizing such events. One such provision is Section 10(39) of the

Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into a regular source of income. Under this scheme, a homeowner can mortgage their property to a bank or financial institution and receive a loan against it. The loan amount is paid in installments or as a lump sum, and

Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect of any income received by or on behalf of the New Pension System Trust (NPST), established on 27 February 2008. The New Pension System Trust is a public trust established by the Government of India to manage

Section 10(46) of the Income Tax Act, 1961 provides for exemption from income tax of the specified income arising to a notified body, authority, board, trust, or commission. A notified body, authority, board, trust, or commission is a body, authority, board, trust, or commission that is established or constituted by or under a Central or

Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign companies. This provision aims to promote foreign investment and encourage the establishment of business operations in India. To be eligible for this exemption, the following conditions must be satisfied: The foreign company must be a resident of