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Exempted Incomes (Tax-FREE): Section-10(42),Section-10(43),Section-10(44), Section-10(45),Section-10(46), Section-10(49), Section-10(50),Section-10(51)

82. Income of a body or authority set up by two countries [Section 10(42)]

Any specified income arising to a body or authority which—

  1.           has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government;

  2.           is established or constituted or appointed not for the purposes of profit;

  3.           is notified by the Central Government in the Official Gazette for the purposes of this clause shall be fully exempted.

Explanation. For the purposes of this clause “specified income” means the income, of the nature and to the extent, arising to the body or authority referred to in this clause, which the Central Government may notify in this behalf.

83. Reverse Mortgage [Sec. 10(43)]

Any amount received by an individual as a loan, either in lump-sum or in installment in a transaction of reverse mortgage referred in clause (xvi) of Section 47 shall be exempted.

84. New Pension System Trust [Sec. 10(44)]

Any income received by any person for, or on behalf of the New Pension System Trust established on 27th February, 2008 shall be exempted.

85. Exemption of Allowance or perquisite to chairman/member of UPSC [Section 10 (45)]

Any allowance or perquisite, as may be notified by the Central Government in the Official Gazette, in this behalf, paid to the chairman or a retired chairman or any other member or retired member of the Union Public Service Commission, shall be exempt.

86. Exemption of ‘specified income’ of certain bodies or authorities [Section 10(46)]

Any specified income arising to a body or authority or Board or Trust or Commission which  :

  1. is constituted or established by or under a Central, State or Provincial Act, or has been constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of general public;

  2.      is not engaged in commercial activity; and

  3. is specified by the Central Government by notification in the Official Gazette in this behalf, shall be exempt.

The Central Government has the power to notify the nature and extent of the income of the body or authority or Board or Trust or Commission which shall constitute the specified income.

87. Exemption of Income of notified ‘Infrastructure debt fund’ [Section 10(47)]

Any income of notified ‘infrastructure debt fund’, which is set up in accordance with the guidelines as may be prescribed, shall be exempt from income-tax.

88. Exemption of Income of a foreign company from sale of Crude Oil in India [Section 10 (48)]

Any income of a foreign Co. received in India in Indian currency on account of sale of crude oil to any person in India shall be exempt if the following conditions are satisfied

  1.      Such Income is in pursuant to an agreement or an arrangement entered into by the Central Govt. or approved by the Central Govt.;

  2.      having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Govt. in this behalf; and

  3. the foreign company is not engaged in any activity, other than reciept of such income, in India.

89. Exemption of income of National Financial Holdings Company [Section 10(49)] [w.e.f. A.Y. 2014-15]

Any income of the National Financial Holdings Company, being a company set up by the Central Government, shall be exempt.

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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