BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Incomes Completely Exempt From Income Tax

Some of the important items of income, which are fully exempt from income tax and which can be utilised by an assessee for the purpose of tax planning, are described below:

(A) AGRICULTURAL INCOME

(B) RECEIPTS FROM HUF

(C) SHARE FROM A PARTNERSHIP FIRM

(D) CASUAL INCOME

(E) CERTAIN INCOMES OF A NON-RESIDENT

(F) CERTAIN INCOMES OF NON-CITIZENS OF INDIA

(G) ALLOWANCE FOR FOREIGN SERVICE

(H) GRATUITIES

(I) COMMUTATION OF PENSION

(J) LEAVE SALARY

(K) VOLUNTARY RETIREMENT OR SEPARATION PAYMENT

(L) LIFE INSURANCE MONEYS

(M) PAYMENT RECEIVED FROM PROVIDENT FUNDS

(N) ANY SPECIAL ALLOWANCE OR BENEFIT

(0) CERTAIN TYPES OF INTEREST PAYMENT

(P) SCHOLARSHIP AND AWARDS, ETC.

(Q) GALLANTRY AWARDS, ETC. - SECTION 10(18)

(R) EXEMPTION FOR BUSINESS ENTERPRISES

(5) DIVIDENDS ON SHARES AND UNITS - SECTION 10(34) & (35)

(T) CAPITAL GAINS FROM TRANSFER OF AGRICULTURAL LAND — SECTION 10(37)

(U) LONG-TERM CAPITAL GAINS OF TRANSFER OF SECURITIES — SECTION 10(38)

(V) AMOUNT RECEIVED BY WAY OF GIFT, ETC — SECTION 10(39)

(W) TAX EXEMPTION REGARDING REVERSE MORTGAGE SCHEME
— SECTIONS 2(47) AND 47(X)


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