NTA UGC NET 2019 Commerce full free notes for income tax and corporate planning
Unit 10 - Income tax and corporate tax planning
List of Exempted incomes
- Agricultural income [section 10(1)]
- Amount received by a HUF member.
- Share of profit of a partner from a firm [sec 10(2A)]
- Leave travel concession of an employee subject to certain conditions [sec 10(5)]
- Allowances and Perqisitues of government employees posted outside India [sec 10(7)]
- Remuneration to persons who are not citizens of India (remuneration received by diplomats, foreign national, non-resident employed on a foreign ship and employee of foreign government during his training in India).
- Death-cum retirement gratuity subject to certain conditions [sec 10(10)]
- Payment of commutation pension subject to certain limits [sec 10(10A)]
- Leave encashment subject to certain limits [sec 10(10AA)]
- Compensation on retrenchment up to Rs 5,00,000.
- Payments received under Bhopal gas leak disaster act, 1985.
- Compensation received or receivable for any disaster.
- Amount received on voluntary retirement upto Rs 5,00,000 [sec 10(10C)]
- Tax on non-monetary perquisites paid by employer.
- Provident fund [sec 10(11)].
- Amount received under a life insurance policy.
- Payments from recognised provident fund [sec 10(12)]
- Amount received at the time of closure of National Pension Scheme upto 40% and wholly exempted, if it is received by the nominee.
- Partial withdrawal (25%) of amount from NPS.
- House Rent Allowance (HRA) subject to certain limits [sec 10(13A)].
- Amount received from approved superannuation fund.
- Notified special allowances upto certain limits.
- Interest, bonus or premium on notified investments.
- Amount received from Sukanya Samridhi account.
- Family pension received by the family members of armed forces killed.
- Education scholarshipsscholarships, i.e, scholarships granted to meet the cost of education.
- Allowances of MPs and MLAs.
- Award or reward given by the government.
- Pension received by certain awardees or their family members.
- Annual value of one palace of ex-ruler.
- Income of specified news agency.
- Income of a local authority.
- Income of an approved scientific research association.
- Income of Prasar Bharti (Broadcasting Corporation of India).
- Income of professional institution or association.
- Income of notified mutual funds.
- Income of ST members living in certain areas.
- Income of special funds of national importance (PM National relief fund, CM relief fund, etc).
- Income of a securitisation trust.
- Income of a minor child clubbed with the income of parents upto Rs 1,500 for each minor child.
- Income of investor protection fund of depositories.
- Dividend of shareholders other than any income by way of dividend chargeable to tax under section 115BBDA.
- Income of a shareholder on account of buy back of shares. (Unlisted)
- Certain income of international sports event held in India.
- Income from units of unit holders.
- Income of an investor from a securitisation trust.
- Capital gain on compulsory acquisition of agricultural land situated in certain urban areas.
- Income of an infrastructure debt fund.
- Income of a foreign company for storage and sale (resident) of crude oil in India.
- Amount received as loan under reverse mortgage by an individual.
- Certain allowances and perquisites of present or retired Chairman and members of UPSC.
- Specified income received by certain foreign companies.
- Income received from New pension system trust.
- Specified income of notified board or trust or commission or body or authority.
- Income of electoral trust.
- Income from property used for religious or charitable purposes.
- Income of National Financial Holdings Company Limited set up by the Central Government.
- Income from voluntary contributions of trusts or institutions.
- Income from political parties. (Rs 2,000 if it is received in cash).
- Exemption to newly established units in special economic zones.
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