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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 :


I.T.  Section

Exempted, Allowance, Perks

Amount of Exemption

Categories of Assesses Entitled






Leave Travel

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


All Employees






Retirement/ Death Gratuity


Actual Amount


Govt. employees





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






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






Commuted Pension

    Full Amount

State/Central Govt. ,Defense & Civil Service Employees





Commuted Pension   (where employee is eligible for Gratuity)

33.33% of the Commuted Value of Pension

Employees    excluding as  mentioned at SL.No.5




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.



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.



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 (13A)

House Rent      Allowance

Under Rule 2A

All Employees




10 (10D)

Maturity Value including Bonus received from Life Insurance Cos.


 Full Amount


Any Assessee




10 (11)

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

Full Amount

Individual / H.U.F.


> Income Tax Rates / Tax Slabs (AY-2014-2015)
> Finance Act. 2014 - Highlights ( Tax Rates for AY 2015-2056)
> e-Payment of Tax & e-Filing
> Exemptions at a Glance
> Deductions at a Glance
> Taxable & Non-Taxable Perquisites
> Leave Encashment & Arrear of Salary
> Exemptions under Capital Gains
> Gift-Taxable under Income Tax
> Gift Tax-An insight to Tax Planning your Gifts
> Guide to various Tax Saving Schemes
> Family Tax Planning - Best way to Lower your Tax
> Choose the Right Tax Return Form
  Chat Showing Computation of 'SALARY' Income
> Advance Income Tax with due Dates for Filing Return
> TDS Table & their Limits
> Permanent Account Number (PAN)
> Easy way to calculate your Income Tax
> Hints for Filing Income Tax Returns
> Annual Tax Statement (ATS) for TDS
> Filing of Income Tax Return & Few Points
> Income Tax Survey - Rights/Duties during Survey
> How your Return File is Assessed / Scrutinised
> Rights of an Assessee during Income Tax Raid
> Reverse Mortgage Loan for Senior Citizen
> Education Loan - Tax Relief u/s 80E
> Save Tax on Your Home Loan

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