Tax Exemption Under Section 10
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Section 10 10 i exemption under gratuity.
Tax exemption under section 10. In case of employees covered by payment of gratuity act. This can range from agricultural to house rent allowance. Section 10 for salaried employees under the income tax act covers a wide range of allowances ranging from house rent and leave travel allowance to research academic allowance and uniform allowance.
An amount equal to the least of the following will be exempt from tax. Exemption under section 10 2 on income received by a coparcener from the huf if you are a coparcener in a hindu undivided family huf share of income received from family income or income received from an impartial family estate would be exempted from tax. Salaried employees get a fixed quantity of money or other forms of allowances apart from their salary for specific requirements of the employees.
Section 10 10d life insurance any sum that is received under a life insurance plan be it death benefit maturity benefit or any bonus is tax free under section 10. Section 10 10d exemption on tax of lic if any money is received by the policyholder when a member of the family or the policyholder is suffering from any. Exemption under section 10 4 ii is available only if such individual is a person resident outside india as defined in clause q of section 2 of the said act or is a person who has been permitted by the.
For instance in a financial year you earn inr 50 000 as salary from your huf. Following are the tax exemptions provided under section 10. The other important tax exemptions under section 10 are as follows.
Income that is non taxable is called as exempt income. If any sum is received under the policy of key man insurance. Any gratuity received by an employee of central government state government or local authority is wholly exempt from tax.
The exemption is available only and only if the expenses are actually incurred by the employees. If any money is received from the insurance company of a handicapped member. This exemption is not available to employees of statutory corporation.
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