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Exemptions at a Glance

Income-Tax Act provides certain exemptions from the Gross  Income. Some of the popular exemptions provided under the act (subject to eligibility & fulfillment of conditions specified in the    relevant provisions of the act ) are :

SL.NO.

I.T.  Section

Exempted, Allowance, Perks

Amount of Exemption

Categories of Assesses Entitled

 

1

 

10(5)

 

Leave Travel

Actual Amount spent in respect of 2 journeys in a block of 4 calendar years (Current Block is 2014-17)

 

 

All Employees

 

2

 

10(10)(i)

 

Retirement/ Death Gratuity

 

Actual Amount

 

Govt. employees

 

3

 

10(10)(ii)

Gratuity Received under Payment of Gratuity Act, 1972

Least of : 15 days salary for no. of yrs. served or 10 Lakh or Gratuity Received

 

All employees

 

4

 

10(10)(iii)

 

Gratuity not covered by payment of Gratuity Act.1972.

Least of : 15 days average salary for no. of yrs. served or 10 Lakh or Gratuity Received

 

All employees

 

5

 

10(10A)(i)

 

Commuted Pension

    Full Amount

State/Central Govt. ,Defense & Civil Service Employees

 

6

 

10(10A)(ii)a

Commuted Pension   (where employee is eligible for Gratuity)

33.33% of the Commuted Value of Pension

Employees    excluding as  mentioned at SL.No.5

 

7

10(10A)(ii)b

Commuted Pension   (where employee is Not eligible for Gratuity)

50% of the Commuted Value of Pension

Other Employees not covered at SL.No-5

Exemptions mentioned at SL. No. 2 to 7 are allowed once in the life time service of an employee.

8

10(10B)

Any compensation received by a workman under the Industrial Disputes Atc, 1947 at the time of retrenchment.

Compensation as computed in accordance with Sec.25F(b) of Industrial Disputes Act or Rs. 5 Lakhs whichever  ls less.

Individual

9

10 (10C)

Voluntary Retirement Benefits [if Voluntary Retirement Scheme is approved by IT Dept.)

Max. limit Rs. 5 Lakhs.

All Employees Exemptions will not allowed for an amt. in respect of which  relief u/s 89 has been allowed to assessee for any A/Y.

10

10 (13A)

House Rent      Allowance

Under Rule 2A

All Employees

 

11

 

10 (10D)

Maturity Value including Bonus received from Life Insurance Cos.

 

 Full Amount

 

Any Assessee

 

 12

 

10 (11)

Amount received from Provident Fund & Public Fund & Public Provident Fund

Full Amount

Individual / H.U.F.

 
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