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Exempted Incomes (Tax-FREE): Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)

21.    Income by way of tax on perks [Section 10(10CC)]

In case employer pays, at its option, tax on value of perks given by it to an employee (Not provided by way of monetary payment) shall be fully exempted in the hands of employee.

22.    Any sum received under a life insurance policy [Section 10(10D)]

Any sum received under a life insurance policy, including the sum allocatedby way of bonus on such policy shall be fully exempted in following cases :

  1.      If any sum received from insurance company on insurance of a dependent handicapped member [under subsection (3) of section 80DD]

  2.      If any sum received from insurance company when a dependent, or a member of family is suffering from a notified disease [under subsection (3) of section 80DDA]

  3. Any sum received under a Key man insurance policy “Key man insurance policy” means a life insurance policy taken by a person on the life of another person who is or was the employee of the first mentioned person or is or was connected in any manner whatsoever with the business of the first mentioned person ; or

  4.  Any sum received under an insurance policy issued on or after the 1st day of April, 2003 but before 1-4-2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured.

  5.      Any sum received under an insurance policy issued on or after 1-4-2012 in respect of which the premium payable for any of the years during the term of the polcy exceeds 10% of the actual capital sum assured. Thus, in case of life insurance policies issued on or after 1-4- 2012, the exemption regarding any sum received under a life insurance policy shall be allowed only if premium paid on such a policy does not exceed 10% of the capital sum assured.

Note. Any sum received in respect of policies covered under points (iv) and (v) above shall be fully exempt if such sum is received on the death of the person (i.e., policy holder).

Raising the limit of premium for the LIC policies of persons with disability or disease for exemption of sum received [Sec l0(1OD)] [w.e.f A.Y. 2014-15].

For persons suffering from disability (u/s 80U) or certain diseases, the exemption of any sum received under LIC policy, shall be available if the premium for the policy does not exceed 15% (earlier 10%) of the capital sum assured. The increased limit of premium shall be applicable in respect of LIC policies issued on or after
1-4-2013.

Amendment in Explanation-1 section 10 (1OD) regarding key man insurance policy.

A key man insurance policy which has been assigned to a person during its term with or without consideration shall continue to be treated as a key man insurance policy for the purpose of section 10 (10D).

For the purpose of calculating the actual capital sum assured effect shall be given to the following :

  1.      of the value of any premiums agreed to be returned, or

  2.      of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person. [Explanation to sub-section (2A) of section 88 and sub-section 3 of section 80C] .

23. Payment from Statutory Provident Fund [Section 10(11)]

Any amount withdrawn from the statutory provident fund is exempt from tax. This provision is applicable on Public Provident Fund also.

24. Payment from Recognised Fund [Section 10(12)]

The accumulated balance due and becoming payable to an employee participating in a recognised provident fund, is exempt to the extent provided in rule 8 of part A of the Fourth Schedule.

25. Payment from Superannuation Fund [Section 10(13)]

Any payment from an approved superannuation fund made

  1.      on the death of a beneficiary ; or

  2.      to an employee in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming incapacitated prior to such retirement ; or

  3. by way of refund of contribution on the death of beneficiary ; or

by way of refund of contribution to an employee on his leaving the service in connection with which the fund is established otherwise than by retirement age or after a specified age or on his becoming incapacitated prior to such retirement, to the extent to which such payment does exceed the contributions made prior to the commencement of this Act and any interest thereon.
 
 
More Topics... @ Exempted Incomes
Exempted Incomes : Sec.10(1) to Sec.(4)(ii)
Exempted Incomes : Section-10(7)-Section-10(9)
Exempted Incomes : Section-10(10)-Sec-10(A)-Sec-10(AA)-Sec-10(B)
Exempted Incomes : Section-10(10BB)-Sec-10(10BC)-Sec-10(C)
Exempted Incomes : Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)
Exempted Incomes : Section-10(15A),Sec-10(16),Sec-10(17),Sec-10(17A)
Exempted Incomes : Section-10(18),Sec-10(19),Sec-10(19A),Sec-10(20)
Exempted Incomes : Section-10(21),Sec-10(22B),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23AAA),Sec-10(23MB),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23BBA),Sec-10(23BBB),Sec-10(23BBC),Sec-10(23BBE),Sec-10(23BBH)
Exempted Incomes : Section-10(23C),Sec-10(23D),Sec-10(23DA),Sec-10(23EA),Sec-10(23EB),Sec-10(ED)
Exempted Incomes : Section-10(23FB),Sec-10(24),Sec-10(25),Sec-10(25A),Sec-10(26A)
Exempted Incomes : Sec.10(4B) to Sec.10(6)
Exempted Incomes : Section-10(26AAN),Sec-10(26AAB),Sec-10(26B),Sec-10(26BB),Sec-10(26BBB)
Exempted Incomes : Section-10(27),Sec-10(29A),Sec-10(30),Sec-10(31),Sec-10(32)
Exempted Incomes : Section-10(33),Sec-10(34),Sec-10(34A),Sec-10(35),Sec-10(35A),Sec-10(36)
Exempted Incomes : Section-10(37),Sec-10(38),Sec-10(39),Sec-10(40),Sec-10(41)
Exempted Incomes : Section-10(42),Sec-10(43),Sec-10(44),Sec-10(45),Sec-10(46),Sec-10(47),Sec-10(48),Sec-10(49)
Exempted Incomes : Section 10(6A), (6B), (6BB) and (6C)
List of Exempted Incomes (Tax-Free) Under Section-10
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