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Incomes Exempt From Tax

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  INCOMES EXEMPT FROM TAX Section   Eligible Assessee   Nature of income   Amount exempt   Conditions laid down for such exemption   10(1)   Any assessee   Agricultural income   Entire amount of such income   1. Agricultural income is defined in section 2(1A) which means any rent or revenue derived from land situated in India and used for agricultural purpose and subject to other conditions 2. It includes income from such land by agriculture or from performance / sales by cultivator or receiver of rent in kind to render produce raised or received to make it fit to take it to market 3. income derived from saplings or seedlings grown in nursery 4. income derived from any building owned or occupied by cultivator or receiver of rent used for purpose referred in clause 2. However income derived from processing of agricultural produce would not be considered as agricultural  income. Income under this clause would be included in total income for limited  purpose of determining rate of tax. 10(2)   Any individual as a member of HUF   Any sum received as a member of HUF   Entire amount so received   1. sum is received out of income of HUF   2. In case of impartible estate, such sum is paid out of income of the estate belonging to family.   3. sum so received is subjected to provisions of section 64(2)   10(2A)   Partner of the firm   Share of profit in total income of the firm   Entire amount   1. The firm is separately assessed to tax as such   2. The amount exempt would be such which bears the same ratio of total income of the firm, as the amount of his share in the profit of the firm as per partnership deed 10(4)(i)   Non resident assessee   Interest or premium on securities or bonds specified by central govt. before Entire amount   1. special securities are notified as per notification No. SO.3331 dt.  1st June, 2002 19.10.1965   10(4)(ii)   An individual being non-resident as defined under section 2(q) of FERA, 1973 Interest earned on money standing in credit of his NRE account Entire amount   1. The person is either non-resident or is allowed to maintain NRE account by RBI   2. money in the said account is deposited in accordance with FERA, 1973   10(4B)   A non-resident individual who is either citizen of India or person of Indian Origin Interest on specified savings certificates   Entire amount   1. The individual has subscribed to such certificates in convertible foreign exchange remitted from out of India.   10(5)   An Individual   Leave travel concession or assistance received from employer or former employer   Amount received or actually spent on travel to any place in India as specified in Rule 2B which-ever is lower   1. The concession is allowed for the travel of self, spouse and children including wholly or mainly dependent parent, brothers and sisters.   2. The amount received after the retirement or termination of employment is also allowed subject to other conditions 3. The limit of amount allowed as deduction (refer Rule 2B)   4. The exemption under this section is allowed for two  journeys made in the block of four  years (Block starts from 1986) 10(6)(ii) An Individual not being citizen of India   Remuneration received as an official or as member of staff of the officials of an embassy, high commission, consulate or trade representative of foreign state Entire amount   1 Where the remuneration is received as Trade Commissioner or other official in India This exemption would be available only if a remuneration of corresponding officials of the government resident for similar purpose is exempt in the other country. 2 The remuneration received shall not be allowed if the member of staff is engaged in any business or profession or employment in India otherwise as a member of such staff    10(6)(vi) An individual not being a citizen of India   Remuneration received as an employee of foreign enterprises, for services rendered during his stay in India Entire amount   1. The foreign enterprises is not engaged in trade or business in India 2. His stay in India does not exceed ninety days in such previous year   3. Such remuneration is not deducted from the income of such
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