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Salary Income Tax
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Income excempt from Tax Back

All receipts which give rise to income are taxable unless they are specifically exempted from tax under the Act. Such exempted income is enumerated in section 10 of the Act. The same are summarised in the table below:-

Sl No. Nature of Income Exemption limit, if any

1

Agricultural income

Fully Exempt

2

Casual and non-recurring receipts

Winnings from races Rs.2500/- other receipts Rs.5000/-

3

Receipts from life Insurance Policy

Fully Exempt

4

Dividend from Indian Companies, Income from units of Unit Trust of India and Mutual Funds, and income from Venture Capital Company/fund.

Fully Exempt

5

Minor's income clubbed with individual

Upto Rs. 1,500/-

6

Receipts from life Insurance Policy

Fully Exempt

Income from interest

7

Interest, premium on  redemption or other payments from notified securities, bonds, Capital investment bonds, Relief bonds etc.

To the extent mentioned in notification

8

Income from interest payable by a Public Sector Company on notified bonds or debentures

 

Fully Exempt

Income from Salary

9

Leave Travel assistance/ concession

Not to exceed the amount payable by Central Government to its employees

10

Death-cum-retirement Gratuity-

  • from Government

 

  • Any Others

 

Fully Exempt

Upto one-half months salary for each year of completed service.

11

House rent allowance

Least of-
(i) actual allowance
(ii) actual rent in excess of 10% of salary
(iii) 50% of salary in Mumbai, Chennai, Delhi and Calcutta and 40% in other places


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