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Exempted Incomes (Tax-FREE): Section-10(21),Section-10(22B),Section-10(23A), Section-10(23AA)

37. Income of scientific research association [Section 10(21)]

Any income of an approved scientific research association and if the same income is applied solely for the purposes of that association, i.e., for carrying scientific research.

The approval given under this section shall be withdrawn in following cases if :

  1.         the scientific research association has not applied its income as per conditions prescribed

  2.         the scientific research association has not invested or deposited its funds as per conditions prescribed ;

  3.         the activities of the scientific research association are not genuine

  4.         the activities of the scientific research association are not being carried on in accordance with conditions subject to which such institution was approved.

38. Income of a News Agency [Section 10(22B)]

In case there is any income of a news agency set up solely in India for collection and distribution of news and which is so notified in this behalf shall be fully exempted provided such income or accumulated income is used solely for collection and distribution of news and not to be distributed in any manner amongst its members.

The approval given under this section shall be withdrawn if the news agency has not applied, accumulated or distributed its income in accordance with the prescribed conditions, the notification issued under this section shall be cancelled.

39. Income of some Professional Institutions [Section 10(23A)]

Any income other than income chargeable under the head ‘ income from house property’ or any income received for rendering any specific services or income by way of interest or dividends derived from its investments of an association or institution established in India having its object as the control, supervision, or encouragement of the profession of law, medicine, accountancy, engineering or architecture or such other profession as the Central Government may notify in the Official Gazette. The following conditions are to be satisfied before any exemption is allowed under this clause

  1.      The association or institution applies its income or accumulates it for application, solely to the objects for which it is established.

  2.      The institution or association is approved for the purpose by the Central Government.

The approval given under this section shall be withdrawn in following cases if

  1.           the such association or institution has not applied its income as per conditions prescribed

  2.           the activities of the association or institution are not being carried on in accordance with conditions subject to which such institution was approved.

40. Exemption of Income Received by Regimental Fund [Section 23AA]

Any income received by any person on behalf of any Regimental Fund or Non Public Fund established by the armed forces of India for the welfare of the past and present members of such forces or their dependents shall be exempted from tax.
 
 
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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