Section 10 Of Income Tax Act 1961

2 act 2020 and applicable for a y.

Section 10 of income tax act 1961. Short title extent and commencement. 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.

The article all about income which are exempt from tax under income tax 1961 and covers income exempt under section 10 1 to section 10 49. Death benefit or maturity benefit or bonus received from life insurance policies. 2021 22 and onwards any income derived from saplings or seedlings grown in a nursery shall.

The income tax act 1961 arrangement of sections chapter i preliminary sections 1. 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. Apportionment of income between spouses governed by portuguese civil code.

Tax exemption on maturity amount of life insurance policy. As per section 10 4 ii in the case of an individual any income by way of interest on money standing to his credit in a non resident external account in any bank in india in accordance with the foreign exchange management act 1999 and the rules made thereunder is exempt from tax. Article is been prepared keeping in view the amendments made by finance no.

In computing the total income of a previous year of any person any income falling within any of the following clauses shall not be included 1 agricultural income. Scope of total income. As per section 10 10d of the income tax act 1961 any sum received under a life insurance policy including the sum allocated by way of bonus on such policy is exempt from tax whether received from india or any foreign company however this rule does not apply to the following amounts.

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. Income tax department tax laws rules acts income tax act 1961 income tax department all acts income tax act 1961.