|
10(1)
|
All assessees
|
Agricultural income
|
No limit
|
See definition – Section 2(1A). Income derived from any land or building for any purpose other than agriculture would be taxable
|
|
10(2)
|
Member of HUF
|
Sum paid out of income of family or income of impartible estate
|
No limit
|
Subject to the provision of Section 64(2)
|
|
10(2A)
|
A person being a partner of a firm
|
Share in the total income of the firm separately assessed as a firm
|
No limit
|
For share of the partner see Explanation to this sub-section
|
|
10(4)(i)
|
Non-resident
|
Interest on specified securities or bonds including income by way of premium on redemption of such bonds
|
No limit
|
No securities or bonds to be specified on or after
1st June 2002. For specified securities see Notification No. SO-3331, dated 19th October 1965.
|
|
10(4)(ii)
|
Individual, being resident outside India under FEMA permitted by RBI to maintain NRE account
|
Interest from NRE account
|
No limit
|
The exemption which was withdrawn from 1st April, 2005 has been restored. Person resident outside India is defined under Section 2(w) of the FEMA
|
|
10(4B)
|
Non-resident being a citizen of India or a person of Indian origin
|
Interest on specified saving certificate issued before
1st June 2002 subscribed in foreign currency
|
No limit
|
—
|
|
10(7)
|
Citizen of India
|
Allowances or perquisites by Government for services rendered outside India
|
No limit
|
—
|
|
10(10BC)
|
Individual or his legal heir
|
Compensation from Central Government, State Government or Local authorities on account of any disaster
|
No limit
|
Exemption not allowed on the amount allowed as deduction under any other Section under the Income-tax Act on account of loss or damage caused by such disaster
|
|
10(10D)
|
All assessees
|
Any sum received under a life insurance policy including bonus
|
No limit
|
The following amount shall not be exempt :
- Amount received from an insurance company on death of dependent being a person with disability in respect of an insurance policy issued to him for the maintenance of such dependent
- Amount received under a Keyman Insurance Policy (for definition of “Keyman Insurance Policy” refer to Explanation to this sub-section)
- Sum received under an insurance policy issued on or after 1st April 2003, where premium payable for any of the years exceeds 20% of the actual capital sum assured unless such sum is received on death of a person
- Sum received under an insurance policy issued on or after 1st April 2012, where premium payable for any of the years exceeds 10% of the actual capital sum assured unless such sum is received on death of a person.
- Sum received by a person with a disability or severe disability as referred to section 80U under an insurance policy issued on or after 1st April 2013, where premium payable for any of the years exceeds 15% of the actual capital sum assured, unless such sum is received on death of a person.
|
|
10(11)
|
All assessees
|
Payments from a statutory P.F. or public P.F. or from notified P.F.
|
No limit
|
For notified P.F., refer Notification No. SO-2430 dated 2-7-1968
|
|
10(11A)
|
Individual (w.e.f. A.Y. 2015-16)
|
Payment from an account opened under Sukanya Samriddhi Account Scheme
|
No limit
|
The Explanatory Memorandum to the Finance Act clarifies that interest accruing in such account is exempt from tax
|
|
10(12)
|
Salaried employee
|
Accumulated balances due from recognised Provident Fund
|
No limit
|
1. Employee has put in 5 or more years of service or termination of service is due to his ill health or closure of employers business or the balance from recognised P.F. is transferred to another recognised fund or the balance from recognised P.F. is transferred to his account under the pension scheme referred in section 80CCD and notified by the Central Government
|
|
10(12A)
|
All assessees
|
Accumulated balance from NPS on closure of account or opting out of the scheme
|
40% of the amount received
|
However, if entire amount received by the nominee on death of assessee is exempt
|
|
10(12B)
|
Salaried employee (w.e.f 1st April 2018)
|
Payment from NPS Trust on account of partial withdrawal from employee’s account (under pension scheme referred in Section 80CCD)
|
25% of the amount of contributions made by the employee
|
Withdrawal is made in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and the regulations made thereunder
|
|
10(13)
|
Salaried employee
|
Payment from approved superannuation fund
|
No limit
|
- Payment is on death or on retirement after specified fund, age or his becoming incapacitated prior to such retirement
- Amount transferred from approved superannuation fund to NPS scheme is exempt from tax
|
|
10(15)(i)
|
All assessees
|
Income by way of interest, premium on redemption or other payment from notified securities, bonds, certificates, etc. issued and notified by Central Government
|
Limits as specified in the Notification
|
—
|
|
10(15)(iib)
|
Individual or HUF
|
Interest on notified capital investment bonds
|
No limit
|
No bonds to be specified on or after 1st June 2002
|
|
10(15)(iic)
|
Individual or HUF
|
Interest on notified Relief Bonds
|
No limit
|
—
|
|
10(15)(iid)
|
Individual who is NRI at the time of acquisition of the bonds or his successor or the donee
|
Interest on notified Bonds being NRI Bonds, 1988, NRI Bonds (second series) issued by SBI
|
No limit
|
No exemption available in the year of premature encashment. No bonds to be specified on or after 1st June 2002
|
|
10(15)(iv)(c)
|
Non-resident
|
Interest payable by industrial undertaking on money borrowed or debt incurred prior to 1-6-2001 in foreign country in respect of purchase of raw materials, components or plant and machinery and approved by Central Government including usance interest payable outside India by an undertaking engaged in the business of ship breaking in respect of purchase of a ship from outside India
|
No limit
|
—
|
|
10(15)(iv)(fa)
|
NR or NOR
|
Interest paid by a scheduled bank on RBI approved foreign currency deposits, FCNR and RFC accounts
|
No limit
|
The exemption which was withdrawn from 1 April 2005 has been restored.
|
|
10(15)(vi)
|
All assessees
|
Interest on Gold Deposit Bond Scheme, 1999 or Deposit certificate issued under the Gold Monetisation Scheme, 2015
|
No limit
|
—
|
|
10(15)(vii)
|
All assessees
|
Interest on notified bonds issued by a local authority or by a State Pooled Finance Entity
|
No limit
|
Ahmedabad notified vide 812(E) dated 21st August 2001, 364(E) dated 16th March 2004, 407(E) dated. 24th March 2005, and 333(E) dated 8th March 2007, Hyderabad notified vide 275(E) dated 4th March 2002, and 1482(E) dated 29th December 2003, Nashik notified vide 269(E) dated 7th March 2003. Tamil Nadu notified vide 545(E) dated 12th May 2003, Chennai notified vide 392(E) dated 23rd March 2004, 402(E) dated 23rd March 2005 and 408(E) dated 24th March 2005, Karnataka notified vide 941(E), dated 20th August 2004, and 729(E) dated 27th May 2005, Visakhapatnam notified vide 1481(E) dated 29th December 2003, Nagpur notified vide 10(E) dated 4th January 2007; Tax free Pooled Finance Development Bonds vide 82(E) dated 4th January 2008 and second tranche of the same bonds vide 1667(E) dated 14th July 2010
|
|
10(15)(viii)
|
NR or NOR
|
Interest on deposit made on or after 1st April 2005 in an offshore banking unit referred to in Special Economic Zones Act, 2005
|
—
|
—
|
|
10(16)
|
Individual
|
Scholarship granted to meet cost of education
|
No limit
|
—
|
|
10(17A)
|
All assessees
|
Payment in cash/ kind as award instituted by Central/ State Government or award instituted by the Central Government approved body
|
No limit
|
—
|
|
10(18)
|
Central or State Government employee
|
Pension
|
No limit
|
Such employee is awarded Param Vir Chakra or Maha Vir Chakra or Vir Chakra or such other notified gallantry award
|
|
Any family member of an employee referred above
|
Family Pension
|
No limit
|
—
|
|
|
10(19)
|
Widow, children or nominated heirs of a member of the armed forces (including paramilitary forces) of the Union
|
Family Pension
|
No limit
|
Where the death of such member of the armed forces has occurred in the course of operational duties, in such circumstances and subject to such conditions as may be prescribed
|
|
10 (23AAA)
|
Any person on behalf of employees welfare fund
|
Any income
|
No limit
|
- Fund is approved by CIT
- The income is applied or accumulated for application towards objects of the fund only
- The funds are invested as permitted under Section 11(5)
- The approval shall have effect for 3 years at a time
|
|
10(23C)
|
Certain Trusts, institutions receiving income on behalf of specified funds
|
Any income
|
No limit
|
The restrictions on cash payments as per 40A(3) and (3A) and consequences of non-deduction or non-payment of taxes after deduction as per section 40(a)(ia) shall apply to the specified institutions
|
|
10(23C)(iiiaa)
|
Swachh Bharat Kosh set up by Central Government
|
Any income
|
No limit
|
Same as above
|
|
10(23C)(iiiaaa)
|
Clean Ganga Fund set up by Central Government
|
Any income
|
No limit
|
Same as above
|
|
10(23C)(iiiaaaa)
|
Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund in respect of any State or Union territory
|
Any income
|
No limit
|
The Fund should fulfil the conditions mentioned in section 80G(2)(a)(iiihf)
|
|
10 (23DA)
|
Securitisation Trust
|
Any income from the activity of securitisation
|
No limit
|
__
|
|
10(23ED)
|
Investor Protection Fund set up by depository
|
Contribution received from the depository
|
No limit
|
Exemption not available in respect of amount of contribution not charged to tax during any previous year and shared with the depository.
|
|
10(23F)
|
Approved Venture Capital Fund or Venture Capital Company
|
Dividend and LTCG in respect of equity shares of a Venture Capital Undertaking
|
No limit
|
It shall not apply to investment made after
31st March 1999.
|
|
10(23FA)
|
Same as per Section 10(23F)
|
Dividend other than referred in Section 115-O and LTCG in respect of equity shares of a venture capital undertaking
|
No limit
|
- Approved by Central Government
- It shall not apply to investment made after
31 March 2000
|
|
10(23FB)
|
Venture Capital Fund (VCF) or Venture Capital Company (VCC) set up to raise funds for Venture Capital Undertaking (VCU)
|
Income from investment in VCU
|
No limit
|
- VCF/VCC granted registration under SEBI Act
- VCF/VCC granted registration as category 1 Alternative Investment Fund with effect from A.Y. 2013-14
- VCF is operating under a registered trust deed or operating as venture capital scheme of UTI
- VCF/VCC fulfils conditions specified by SEBI
- VCU must be referred to in SEBI (VCF) Regulations, 1996 and notified by CBDT
- VCU must be engaged in specified businesses or industries. This condition is no longer applicable w.e.f. A.Y. 2013-14
- VCU must be domestic company, whose shares are not listed on recognised stock exchange in India
- Not applicable to income of VCC or VCF being an investment fund specified in Explanation 1(a) to Section 115UB from A.Y 2016-17
|
|
10 (23FBA)
|
Investment Fund regulated under SEBI (AIF) Regulations
|
Any income other than income chargeable under the head ‘Profits and gains of business or profession’
|
No limit
|
—
|
|
10 (23FBB)
|
Unit holder of an Investment Fund
|
Income distributed by an Investment Fund which is taxed as business income in the hands of the Investment Fund
|
No limit
|
—
|
|
10(23FC)
|
Business Trust
|
Interest received or receivable from Special Purpose Vehicle (SPV) or dividend received from specified domestic company
|
No limit
|
SPV is defined to mean an Indian company in which Business Trust holds controlling interest and any specific percentage of shareholding or interest as may be required
|
|
10 (23FCA)
|
Income of a Real Estate Investment Trust
|
Income from renting, leasing or letting out any real estate asset owned by such trust
|
No limit
|
Real Estate Asset will have same meaning as defined in Regulation 2(1)(zj) of SEBI (Real Estate Investment Trusts) Regulation, 2014
|
|
10(23FD)
|
Unit holders of a Business Trust
|
Any income distributed as referred to in section 115UA
|
No limit
|
Does not include that proportion of income as referred to in sub-clause (a) of clause 10(23FC)
|
|
10(32)
|
Individual — Parent
|
All income of a minor child which is clubbed
|
Up to 1,500 per minor child
|
—
|
|
10(33)
|
All assessees
|
Capital Gains arising on transfer of Unit 64 on or after 1st April, 2002
|
No limit
|
—
|
|
10(34)
|
All assessees
|
Dividends referred to in section 115-O
|
No limit
|
Does not apply to dividend chargeable to tax under Section 115BBDA
|
|
10(34A)
|
All assessees
|
Amount received on buy back of unlisted shares referred to in section 115QA
|
No limit
|
Exemption applies to buy-backs offered after
1st June, 2013
|
|
10(35)
|
All assessees
|
- Income in respect of Units of UTI
- Income in respect of Units of UTI units or Mutual Fund specified under Section 10(23D)
|
No limit
|
Does not apply to income arising from transfer of units
|
|
10(35A)
|
All assessees
|
Income distributed by a securitisation trust referred to in section 115TA
|
No limit
|
Does not apply to income received on or after
1 June, 2016
|
|
10(36)
|
All assessees
|
LTCG on transfer of equity shares purchased between 1st March 2003 and
1st March 2004
|
No limit
|
- Such equity shares should be of a company which is part of BSE-500 Index as on
1st March, 2003 or where shares are allotted through public issue after 1st March, 2003 and listed on a recognised stock exchange in India before 1st March, 2004
- Transactions of purchase/ sale are entered through recognised stock exchanges in India
|
|
10(37)
|
Individual or HUF
|
Capital Gains arising from transfer by way of compulsory acquisition under any law of the agricultural land in urban area referred to in Section. 2(14)(iii)(a) or (b) for which is determined or approved by the Central Govt. or the RBI
|
No limit
|
- Land should have been used for agricultural purposes by the individual or his parent or the HUF for at least last 2 years immediately preceding the date of transfer
- Exemption applies to compensation/ consideration/ additional compensation received on or after 1st April, 2004
|
|
10(37A)
|
Individual or HUF
|
Capital Gains on transfer of specified capital assets
|
No limit
|
Specified capital assets refers to
- Land or building or both owned as on
2nd June, 2014 and transferred under the scheme
- Land pooling ownership certificate issued under the scheme in respect of land or building or both referred to at point (1) above
- Reconstituted plot or land received in lieu of land or building or both (referred to at point 1 above) under the scheme and such plot or land is transferred after 2 years from the end of the financial year in which the possession of such land or plot was handed over to the assessee
|
|
10(38) (w.e.f. 1st October 2004 up to 31st March 2018)
|
All assessees
|
LTCG on transfer of equity shares in company or a unit of an equity oriented fund or a unit of a business trust where such transaction of sale is entered into on or after 1st October, 2004 and on or before 31st March 2018 and is subjected to Securities Transaction Tax (STT)
|
No limit
(up to AY 2018-2019) Rs.1,00,000/- (w.e.f.
AY 2019-2020
|
- For definition of equity oriented fund, please refer Explanation to clause (38)
- LTCG of a company is however includible in computing book profits under section 115JB from A.Y. 2007-08
- W.e.f 1st April 2018 (AY 2018-19) this exemption is not available to income arising from transfer of equity share, acquired on or after 1st October, 2004 and such transaction were not chargeable to STT. Vide press release dated 3rd April 2017, the Central Government issued the final notification for public comments. The final notification provides that all transactions of acquisitions of equity shares (acquired on or after 1st October, 2004 and are not subject to STT) are notified under Section 10(38) except the following:
- Acquisition of listed equity shares (not frequently traded on a recognised stock exchange in India) through a preferential issue, other than preferential issues to which Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009) does not apply
- Transaction of purchase of listed equity shares in a company is not entered through a recognised stock exchange;
- Acquisition of equity shares of a company during the period between the date on which the company is delisted and again relisted on a recognised stock exchange
The terms ‘frequently traded shares’, ‘listed’ and ‘recognised stock exchange’ are defined in the notification.
The notification lists down certain mode of acquisitions where exemption should continue to be available (such as through IPO, FPO, bonus or right issue, etc.)
- Exemption not available in respect of income arising from transfer of unit of business trust, which were acquired in consideration of a transfer referred to in Section 47(xvii)
- Exemption is also available in respect of income arising from a transaction undertaken on a recognised stock exchange located in any International Financial Service Centre and when consideration is paid/ payable in foreign currency
|
|
10(45)
|
Chairman or serving/ retired member of UPSC
|
Notified allowances and perquisites
|
No limit
|
Exemption is available from A.Y. 2008-09
|
|
10(46)
|
Notified body authority board, Trust or Commission or the class thereof which is established by a Central/ State on provincial Act or by Central or State Government
|
Specified income
|
Specified Income
|
- The entity has object of regulating or administering any activity for the benefit of the general public
- The entity does not engage in any commercial activity
|
|
10(47)
|
Infrastructure Debt Fund set up in accordance with prescribed guidelines
|
Any Income
|
No limit
|
The fund has to file its return of income
|
|
10(48A) (w.e.f. 1st April, 2016)
|
Foreign company
|
Income from: storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India
|
No limit
|
- Storage and sale is pursuant to an agreement or arrangement between the foreign company and the Central Government
- Foreign company and arrangement/ agreement are notified by the Central Government
|
|
10(48B) (w.e.f. 1st April 2018)
|
Foreign company
|
Income from: sale of leftover stock of crude oil from the facility in India
|
No limit
|
Sale is after expiry of agreement or arrangement referred in section 10(48A) or on termination of the said agreement subject to such conditions as may be notified by the Central Government
|
|
10(50)
|
Non-resident
|
Income from specified services which subject to equalisation levy
|
No limit
|
—
|
|
10A
|
Industrial undertaking in
- Free Trade Zone (FTZ)
- Electronic Hardware Technology Park (EHTP) or Software Technology Park (STP) w.e.f. A.Y. 1994-95
- Special Economic Zone (SEZ) w.e.f. A.Y. 2001-02
|
W.e.f. A.Y. 2000-01 income for 10 years from the year of Commercial Production. W.e.f. A.Y. 2000-01 income for 10 years from the year of Commercial Production. W.e.f. A.Y. 2001-02, income from exports eligible for deduction for 10 years from the year of Commercial Production
|
100% (90% for A.Y. 2003-04) of the profits from export computed as profits of the business in proportion to export turnover to total turnover 100% (90% for A.Y. 2003-04) of the profits from export computed as profits of the business in proportion to export turnover to total turnover Undertakings in SEZ which begins to manufacture or produce on or after 1st April 2003, exempt amount would be 100% of profits from export for first 5 assessment years, 50% for next two assessment years and for subsequent three assessment years, amount transferred to Special Economic Zone Reinvestment Allowance Reserve Account not exceeding 50% of such profit
|
- Not formed by splitting up or reconstruction of existing business or by transferring used plant and machinery
- Manufactures/produces articles or things (including computer software) and cutting and polishing of precious and semi-precious stones
- No deduction under section 80-IA, under section 80-IB, under section 80HH, and under section 80HHA in relation to the profits and gains of the industrial undertaking
- FTZ/EHTP/STP/SEZ to be notified by Central Government
- Deduction shall be allowed only up to A.Y. 2011-12. However, for SEZ unit this limitation does not apply
- Report of a Chartered Accountant certifying deduction to be furnished
- Profit from domestic sales up to 25% of total sales would be deemed to be profits from exports only for the A.Y. 2001-02
- Availing the concession is at the option of the assessee
- Profits from onsite development of computer software outside India would be deemed to be profits from export
- In the event of transfer of undertaking under amalgamation or demerger, the deduction shall continue to be allowed to the amalgamated or the resulting company
- No deduction shall be admissible to amalgamating or demerged company in the year of amalgamation or demerger
- Deduction not allowable if return not filed by due date under section 139(1)
- Does not apply to any undertaking being unit referred to in section 2(zc) of the SEZ Act, 2005, which begins to manufacture or produce articles or things or computer software after 1st April, 2005 in any SEZ
- The amount transferred to Reserve Account should be utilised for purposes specified in sub-section (1B)
|
|
10AA
|
Undetaking set up in Special Economic Zone w.e.f. A.Y. 2006-07
|
W.e.f. A.Y. 2006-07 income from export eligible for deduction starting from the year of commercial production
|
100% of profit from export for first 5 A.Ys. 50% for next 5 A.Ys., & for subsequent 5 A.Ys. amount transferred. to SEZ Reinvestment reserve A/c not exceeding 50% of such profit.
Profits from export computed as profits of the undertaking in proportion to export turnover to total turnover of the under-taking.
W.e.f 1 April 2018 deduction shall be allowed from total income of the assessee, before giving effect to provision of section 10AA and the deduction shall not exceed total income.
|
- Not formed by splitting up or reconstruction of existing business or by transferring used plant and machinery.
- In the event of transfer of undertaking under amalgamation or demerger, the deduction shall continue to be allowed to the amalgamated or the resulting company
- No deduction shall be admissible to amalgamating or demerged company in the year of amalgamation or demerger.
- Report of a Chartered Accountant certifying deduction to be furnished.
- The amount transferred to Reserve Account should be utilised for purposes specified in sub-section (2).
- Assessee engaged in ‘specified business’ as specified in Section 35AD, to choose between deduction under Section 10AA and section 35AD.
- Deduction will not be available from A.Y. 2021-22
|
|
10B
|
Undertaking approved as a 100% Export Oriented Undertaking under section 14 of IDRA (100% EOU)
|
Same as Industrial undertaking in Free Trade Zone
|
Same as Industrial undertaking in Free Trade Zone
|
Same as Section 10A above, except No. 4
|
|
10BA
|
Undertaking manufacturing or producing “eligible articles or things”; i.e., all hand-made articles or things, which are of artistic value and which requires the use of wood as the main raw material
|
W.e.f. A. Y. 2004-05 income derived from export out of India of “eligible articles or things” up to A. Y. 2009-10.
|
Profits from export computed as profits of the business in proportion to export turnover to total turnover
|
- Undertaking which has claimed deduction under section 10A or 10B for any assessment year shall not be entitled to this deduction
- Manufactures eligible articles or things without the use of imported raw materials. It employs 20 or more workers
- Not formed by splitting up or reconstruction of the existing business or by transferring used plant and machinery
- 90% or more of its sales during the relevant previous year are by way of the exports of the eligible articles or things
- Report of a Chartered Accountant certifying deduction to be furnished. No other deduction allowed under any other section in respect of the eligible export profit
|
|
10C
|
Industrial undertaking in any Integrated Infrastructure Development Centre or Industrial Growth Centre in North-Eastern region
|
Income of ten consecutive A.Ys. from the year of production up to A.Y. 2003-04
|
No limit
|
- Manufactures or produces any article or thing on or after 1st April, 1998
- Not formed by splitting up or reconstruction of the existing business or by transferring used plant and machinery
- No deduction under Sections 80HH, 80HHA, 80-I, 80-IA, 80-IB or 80JJA in relation to profits and gains of the industrial undertaking
- Assessee has an option of not claiming the benefit for a particular A.Y. if such declaration in writing is furnished to the assessing officer before the due date of furnishing the return of income under Section 139(1)
|
