Tax Exemption - Page 2

Section 10(15) Exemption- Interest on Bonds, Debentures, Securities

Provisions of section 10(15) of the Income Tax Act provides exemption towards various Interest Income. The provisions of said section 10(15) are explained in the present article. Interest Income exempted under section 10(15) of Income Tax Act, 1961 Section 10(15) of the Income Tax Act consists of various sub-sections through which various...

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Income Tax Exemption on prescribed allowances/ benefits | Section 10(14)

Section 10(14) of the Income Tax Act provides exemptions towards allowances and benefits granted to the employees to meet certain expenses. Rule 2BB of the Income Tax Rules prescribes the list of allowance which exempted under section 10(14)(i) of the Income Tax Act and section 10(14)(ii of the Income Tax Act. The said exemption covered [...

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Exemption for payment from approved superannuation fund Section 10(13)

Provisions of section 10(13) of the Income Tax Act exempts payment received from an approved superannuation fund. The present article briefly explains the term ‘approved superannuation fund’ and covers exemption available under provisions of section 10(13). Basic understanding of the term ‘approved superannuation fund’ and tax ben...

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Exemption for amount received from Statutory & Recognized PF

Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recog...

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Section 10(10D) Exemption towards amount received under a Life Insurance Policy

As we know, various benefits are attached to the life insurance policy, and tax benefit is one such key benefit. The tax benefit is available in terms of income tax deduction and income tax exemption. Provisions of section 80C offer the income tax deduction, whereas, provisions of section 10(10D) provides the income tax exemption. Under [...

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Exemption towards tax paid by employer on non-monetary perquisites: Section 10(10CC)

Provisions of section 10(10CC) of the Income Tax Act exempts the income tax paid by the employer (on behalf of the employee) on the non-monetary perquisites provided to the employee. The current article simplifies the said exemption provisions of section 10(10CC) of the Income Tax Act. Understanding the provisions of section 10(10CC)̵...

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Section 10(10C) Exemption of amount received on voluntary retirement

Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act. Under the present article, exemption provisions of section 10(10C) are taken up and explained meticulously. Provisions of section 10...

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Section 10(10BC) Exemption towards compensation received on account of any disaster

The present article highlights provisions of section 10(10BC) of the Income Tax Act, which provides exemption towards amount received in case of any disaster. Exemption provisions of section 10(10BC) of Income Tax Act– Provision of section 10(10BC) exempts any amount received / receivable by an individual or legal heir of the indivi...

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Exemption towards retrenchment compensation received by workman Section 10(10B)

‘Retrenchment’ means the termination of the service, by the employer, of a workman for any reason other thana punishment imposed by way of disciplinary action. Termination of an employee in such a manner is financially compensated by the employer, and such financial compensation is termed as ‘retrenchment compensation’. Section 10...

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Exemption towards commuted value of pension Section 10(10A)

Provisions of section 10(10A) provide exemption towards the commuted value of a pension. Under the present article, we would understand the exemption available under section 10(10A) of the Income Tax Act. However, before understanding the exemption, it is important to understand the term ‘commuted pension’ and ‘uncommuted pension’...

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Posted Under: Income Tax |

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