What are the Income tax exempted Incomes? How to earn tax free
Income in India? How to avail tax exemption?
There are few tax free earning options for the Indian Assessee. Those who
want to earn tax free income can chose these options. The tax free earning
Interest received from Savings Bank Account? Section 80TTA of Income Tax Act,
Upto amount of Rs. 10,000/- is allowed to be deducted under section 80TTA from
taxable income. All the assesses who have earned interest income from savings
bank account can claim maximum of Rs. 10,000/- under this section.
Long Term Capital Gain from sale of Mutual Fund and Shares - Section 10(38)_of
Income Tax Act, 1961
If the assessee paid security transaction tax at the time of purchase of shares,
the long capital gain from sale of Equity shares and securities are exemption
from payment of capital gain tax.
Dividend Income from Domestic Companies and Mutual Fund- Section 10(34) and
Section 10(35) of Income Tax Act, 1961
Dividend Received on Investment is from domestic company is exempted from
payment of tax under section 10(34) and Dividend received from Mutual Fund
investment is exempted under section 10(35) of Income Tax Act.
Agricultural Income ? Section 10(1) of Income Tax Act, 1961
Income from agriculture is exempted under section 10(1) of income tax Act 1961.
But at the time of computation of income the amount should be shown for rate
Interest on Public Provident Fund Account? Section 10(11) of Income Tax Act,
Amount of Interest received from PPF account is exempted from income tax. It is
a tax free income in the hands of those who receive it.
Education Scholarship ? Section 10(16) of Income Tax Act, 1961
Amount of scholarship received for education is exempted from
payment of tax in the hands of person who receive it. As per section
10(16) of Income Tax Act, 1961 amount of scholarship for continuing
education is tax exempted and it is not necessary to get the amount
financed to get tax exemption.
Tax Exempted salary components
Some components of salary like House Rent Allowance (Section
10(13A), Leave Travel Allowance (Section 10(5), Pension Amount
(Section 10(10A), Leave Encashment Section 10(10AA) etc are exempted
from payment of tax subject to conditions in specific sections.
Income Tax PAN FAQ, Answers & Guidance
What is the turn over limit for tax audit? Who needs to get
audited the accounts under section 44AB?
Taxation on Charitable Trust and NGO
What is authority structure in case of Charitable Trust,
Charitable Society, Non Governmental Organizations (NGO),
Section 25 Companies and other exempted institutions?
What is the definition of Charitable Purpose? Section 2(15) of
Income Tax Act- Relief to poor, Education, Medical Relief, other
public utility services- Latest amendments
How to register with Income tax under Section 12A by NGO,
Section 25 Company, Charitable Trust and Society? Is it
necessary to Register?
What is approval u/s 80G(5)? Is it necessary for a charitable
Institution? How to apply for it? What is the use of approval
u/s 80G(5) for Charitable Trust, Charitable Society, Non
Governmental Organizations (NGO), Section 25 Companies and other
Is exemption of Income to NGO, Section 25 Company, Charitable
Trust and Society can forfeiture? Provision in Section 13 for
forfeiture of Exemption
What is notification u/s 35(1)(ii)/(iii)? How to apply by
scientific research association, a university, college or other
institutions? What is the use?
What are the modes and forms of Investment specified u/s 11(5)
in the case of Charitable Trust, NGO, Charitable Society,
Section 25 Companies and Charitable entities
How Charitable Institutions are assessed for Income Tax?
Accumulation of surplus and utilization of NGO, Section 25
Company, Charitable Trust and Society
Who are interested persons in the case of Charitable Trust, NGO,
Charitable Society, Section 25 Companies and Charitable
entities? Who are relatives? List of interested persons and