It Section 10

Tax deductions under section 10 10d of the income tax act 1961 is applicable on any sum received under a life insurance plan i e.

It section 10. Section 10 10a in the income tax act 1995 10a 1 i any payment in commutation of pension received under the civil pensions commutation rules of the central government or under any similar scheme applicable 2 to the members of the civil services of the union or holders of posts connected with defence or of civil posts under the union. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance allowance for children education travel allowance gratuity and so on. Perquisites and allowances paid by government to its employees serving outside india section 10 7 any allowances or perquisites paid or allowed as such outside india by the government to a citizen of india for rendering services outside india are exempt.

At the time of his voluntary retirement or voluntary separation shall be exempt under clause 10c of section 10 only if the scheme of voluntary retirement framed by the aforesaid company or authority or co operative society or university or institute as the case may be or if the scheme of voluntary separation framed by a public sector company is in accordance with the following. Death benefit or maturity benefit or bonus received from life insurance policies. Tax benefits under section 10 10d of the income tax act 1961 can be claimed only on the following terms and conditions.

Scope of total income. Section 3 previous year defined. The central government may for the purposes of this act by rules prescribe.

Apportionment of income between spouses governed by portuguese civil code. According to section 10 of the income tax act 1961 the salaried employees are entitled to enjoy the tax exemption. Short title extent and commencement.