Information On Tax
Income Tax Introduction
Income tax is the direct tax paid by an individual to the Central Government of India. Its evaluation is based on our income and plays a fundamental role in the economic progress of our country. It is the primary source of revenue to the government. Income Tax helps the government in assessing the economic strength of the citizens of the country. It also helps in framing an economic standard for the people. The government is also able to scrutinize the distribution of money among different sections/classes of the society. Income Tax or IT as it is known is being implemented since ages and the same can be confirmed through the Manu Smriti and Arthasashtra which predate to ancient India. The modern Income Tax system came into existence in India since 1860, when it was implemented for the first time in the form of IT Act. After the first Income Tax act, the second one came into existence in 1865 with some key amendments. The Income Tax proved as an excellent aspect for the growth of the nation since then. A new concept of Agricultural Income Tax also came into existence. The most important Income Tax was implemented in the year 1961 after independence, according to which any individual any person, whose income from any source is greater than the maximum permissible limit is liable to be charged the tax. There are also stipulations of presumption and exemptions in Income Tax, depending on various factors like the source of income, residential status and various investments in saving schemes etc. The Income Tax is declared in the form of budget by the Finance Ministry of the Government of India on annual basis.
Permanent Account Number (PAN)
Permanent Account Number (PAN) is used by the government of India, Income Tax Department to identify the tax payers in the country. The IT department can have access to complete information of the individual. A 10 digit alpha-numeric code printed on a laminated card, known as PAN card is issued by the government, that contains other information like the name of the individual, father’s name, date of birth and also a passport size photograph. PAN number is replacing the GIR (General Index Registrar) number which is offered by the accessing officer containing the information of the person. The section 139A of Income Tax Act, 1961 requires the individuals to register and posses a PAN card based on the following rules:
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Whose annual income is more than the permissible limit under the Income Tax Act.
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Whose income through business or other sources is more than 5 lacs.
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A person liable to file for Income Tax Returns
PAN is mandatory in case of the following operations and transactions:
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Filing IT Returns.
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For any correspondence/communication with the IT department.
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Submitting bills/ receipts on payment of tax to the government.
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As a proof of identity of an individual during his dealing with the Income
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Tax department.
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For submitting any kind of bills/ challans to the IT department.
Income Tax Refund:
The government of India has relieved the procedures for filing IT returns. Today, one can check the status of the refunds online, through various sites like that of NSDL-TIN, whose website is www.tin-nsdl.com. Some details like PAN and assessment year information are required to view the information and check the status.
Heads of Income
Salary:
A salary is any kind of compensation received for the services rendered by an individual to finish a task, whether articulated or implied. As per the IT Act, the below sources of income are applicable to be accounted for Income Tax:
Income considered under the Head of Salary:
1)Salary 2) Fee 3)Commission earned 3)Retirement Funds 4)Gratuity5)Annual Bonus 6)Provident Funds 7)Encashment of
Laves8)Allowances and lastly 9)Awards.
Leave Encashment:
Any salary or remuneration received by an individual for leave period comes under leave encashment. A person is accountable to pay tax for the amount received under leave encashment, whether he is a government employee or not. Though, there is an exemption in this case for government employees under Section10(10AA) (i) of the IT Act.
Annuity:
Annual earnings received by an employee from his company, which can be compensated by the employer, willingly or through any conventional agreement. This is not taxable otherwise, as per Section 56 of Income Tax Act, 1961, while supplementary allowances can be through a will or awarded by an insurance company accumulated through income from other sources.
Gratuity:
Gratuity is any kind of compensation given by the at the time of the retirement of the employee or to his legal heir, in case of the demise.
Allowance:
Allowance is any kind of amount received by an employee from his employer, apart from his salary. Allowances are taxable as per Section 15 of the Income Tax Act 1961, except under few circumstances when they are excused.
House Rent Allowance:
This type of allowance is granted to compensate for the amount, an individual pays towards his house rent. As per the Section 10(13A) of Income Tax Act, 1961, allowance is a taxable income. There is no tax exemption, if an individual is living in his own house or does not pay rent.
The following types of income are exempted from tax:
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Rent paid by the individual.
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If the rent paid is more than the 10% of the salary.
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More than 50% of the salary is paid as rent in the 4 major cities of Delhi, Mumbai, Bengaluru and Chennai,where it is about 40% in rest of the cities.
Entertainment Allowance:
The employer pays certain amount for the leisure and entertainment of the employee which comes under this type of income.
Under Section 16(ii) of Income Tax Act, 1961 it is entitled to be taxed; however the amount is deducted from the gross salary, which includes the entertainment allowance. The amount is calculated in the following way:
Employees are entitled to a minimum deduction of the total entertainment allowance received, which is 20% of the basic salary, not including any other allowance or ranges between Rs 5000/- to Rs 7000/- of their annual income.
Other allowance:
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Allowance for children’s education.
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Allowance based on ethnicity (like for tribes).
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Allowance for hostel expenditure.
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Distant area allowance.
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Compensatory field area allowance.
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Counter Revolution Allowance.
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Border area Allowance.
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Hilly area allowance.
Allowances for which income tax exemption is valid:
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Allowance given to Indian citizens who is a government employee or for providing services outside India.
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Allowances to judges of High Courts and Supreme Court.
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Allowances to an employee of the United Nations.
Prerequisites:
According to the Section 17(2) of Income Tax Act, 1961, a prerequisite can be:
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Amount rewarded by the employer to his employee for the rent-free accommodation.
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Any concession in the amount of rent availed, based on the accomodation provided by the employer.
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Any complimentary help or service availed by the employee without charge, or at a discount price in any of the following cases:
By an employee who is in a managerial role in his organisation, thereof.
Any employee who is also a significant share holder in the organization.
Any employee, whose income exceeds Rs. 24000/-, that does not include the value of non-monetary benefits and other services.
Any amount due to be received by the employee, either through a fund, which cannot be the Provident Fund he has been enrolled into, which acts as any life insurance policy or pension for the employee.
Some of the pre-requisites which are non-taxable:
Medical amenities.
Reimbursements for medical services.
House Property
Head of the house property:
According to Chapter 4, Section 22 - 27 of Income Tax Act, 1961 there is a stipulation of income under head of house property. Every section from 22-27 specifies the requirements of the house property income, which can be considered as any income earned by an individual through his house or land.
Items included under the head of the house property:
Annual valuation of the property (building or land) possessed by an individual. There is an amount of tax collected on the property, based on its potential to generate income. However, if the property is used for business purposes, then it is taxabled under the head of profit in business/ profession.
Calculation of annual value of the property:
The annual value of the property is calculated based on whether if the property is in the occupation of the landlord throughout the year and if no other income is earned through this property. There is no deduction as given under section 24, however for the deduction interest on borrowed capital.
If the entire property or a part of it thereof, has been let out during the previous year, then the annual value of the property is calculated for the entire year and the proportionate annual value for the tenure during which the house or any part thereof was in the occupation of the owner is deducted from the gross annual value. In such cases, deductions cannot be claimed as per the section 24, in excess of the annual value that has been pre-imposed.
If more than 2 houses are under the occupation of the owner for residential purpose, then the exemption is applicable to only one house at the option of the owner. The annual value of property shall be computed as if the houses have been let for residential purpose.
In cases where the owner has only one residential property, however it cannot be occupied due to the employment, professional or business carried out at any other place, thus persuading him to reside at premises that does not belong to him, then the annual value of such property can be taken as nil, provided the house is not let for lease and not other benefits are derived by the owner from it. No deductions can be claimed by the owner in such circumstances as allowable under section 24 of the Act, however, for interest on borrowed capital subject to a maximum of Rs. 15,000/- can be claimed.
Profit in Business/Profession
According to Income Tax Act, 1961 any income under this head is defined as the income earned in the form of profit or gain through his business or profession. Income under this head must follow these conditions:
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There must be a business or profession registered on paper.
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Business or profession is run by the applicant.
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Business or profession should have been carried out by the applicant in the assessment year for which the income tax returns are being filed
Items included under the Head of Profit in Business
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Profits earned from any business for the current fiscal year.
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Any payment or reward received by the employee from his organization for his services rendered.
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Profits earned in buy and sell activities or other services rendered by any professional or organization.
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Profits on sale of a license granted under the Imports (Control) Order, 1955, (EXIM control Act, 1947)
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Any amount accepted or outstanding, against exports under government schemes.
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Benefits received from any profession/ business, whether in cash or any form or service.
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Any profit, income, additional benefit or fee received by company partners.
Capital Gains
Definition of Capital Gains:
According to Income Tax Act, 1961 heads of capital gain is the term coined for the consequential profits, derived on the transfer of capital assets affected for the current year or the previous year.
"Capital Asset" and “Transfer†are predefined in income tax act.
Under section 2(14) of the Income Tax Act, 1961, any kind of property held by an individual either for business or professional purposes comes under Capital Asset. This may include a real property or authority over other’s property and also defined for profits on transfer of property in which involves no cost of acquisition like:
Assets those are not included under the Heads of Capital Assets:
According to Income Tax Act, 1961 certain assets are not included to be a part of Capital Assets, which are as follows:
- Goods and raw materials accumulated and used by assessee for his business or profession
- Movable commodities like clothing, furniture, automobile, phones, household goods etc are not considered as heads of capital assets. However, jewelry which is comes under heads of Capital Assets.
- Agricultural property in India is not seen as a capital asset; however agriculture under the jurisdiction of the municipality (in area having population ore than 10,000) comes under Capital Assets. Agriculture lands within 8 Km from municipal limit also comes under Capital Assets, unless notified by the central government of India
- Few Gold Bonds issued by government
- Few special bonds issued by central government like Special Bearer Bonds, 1991
Transfer of Capital Assets
Under Section 2(47) of The Income Tax Act, 1961 transfer of capital assets is defined as:
- Trade, barter or relinquishment of assets.
- Cease of any rights on capital assets.
- Possession of capital assets or rights
- Transfer of capital asset to stocks or shares in trade of his business can also be a term of transfer.
- Transfer of immovable property under Section 53A of Transfer of Property Act, 1882.
- Any business deal for which an individual acts as a member of cooperative society.
- Any transaction which enables the assesse to acquire shares in a co-operative society
Income Tax Return
"Income Tax Return" is a common term used these days. When the overall annual earnings of a person, from all the sources, is more than maximum limitation (At present it is Rs. 1, 50,000/-) then that person is liable to pay income tax.
Late Return
Any person who has not filed the IT returns within the stipulated time can file for late returns, any time within one year from the end of the evaluated time or before the end of the assessment year, whichever is earlier.
Penalty
Penalty is calculated as a percentage of the deficit amount of tax for delay in filing the IT returns. In case if the tax has already been deducted or has been paid in advance, no penalty is incurred.
Defective Return
Any return of income endowed by the assessee, if found defective, is informed to the assessee to rectify the defect within 15 days from the date of such intimation or within the specified time period. If the returns are not rectified by the assesse, then they are considered invalid and it is believed that the assesse has failed to file for the returns.
- Under section 139(1) of the Income Tax Act, based on certain criteria, a person can file for IT returns.
- If the applicant owns a motor vehicle.
- If he possesses any immovable property.
- If he travels frequently across countries.
- If he has a telephone connection on his name.
- If he holds a credit card
- Incurs expenses on himself
Income Tax Return Forms
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ITR 1 |
Income Tax Return Form for Individuals having Income from Salary/ Pension/ family pension & Interest |
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ITR2 |
Income Tax Return forms for Individuals and HUFs not having Income from Business or Profession |
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ITR 3
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IT Return Forms for Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship |
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ITR 4 |
Income Tax Forms for individuals & HUFs having income from a proprietary business or profession |
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ITR 5 |
New Tax Returns Form for firms, AOPs and BOIs |
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ITR6 |
IT Forms for the purpose of filing returns for Companies other than companies claiming exemption under section 11 |
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ITR 7 |
Form for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D |
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ITR 8 |
IT Forms for Return for Fringe Benefits |
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ITR V |
Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature |
Income Tax Deductions
In Case of Donations For Charity
Under section 80-G of the Income Tax Act, there are following relief in case of Donations:
Donation to certain funds, approved education institutions of national importance, charitable institutions.
The deduction will be 50% of the amount.
Deduction may be 100% if donation is given to Prime Minister Relief Funds, National Foundation for Communal Harmony, Blood Transfusion Council, The Africa Fund, Earth-quake Relief Fund.
In Case of Physically Handicapped Persons
A person who is suffering from permanent physical disability or mental retardation is entitled to deduction upto Rs. 40,000.
Handicapped must be certified by a physician, surgeon or a psychiatrist, working in a government hospital.
Under section 80DD and 80U of Income Tax Act, physical disability must be one of the following:
Permanent or more than 50% disability in limb
Permanent or more than 60% disability in 2 or more limb
Permanent loss of voice
Permanent blindness
Mental Retardation in which mental intelligence is less than 50% of normal required intelligence
In Case of Treatment of Handicapped Dependents
All the persons who are dependent on physically handicapped person comes under this category. There is provision of deduction in tax against expenditure on medical treatment, training & rehabilitation of handicapped dependents or amount paid in an approved scheme of LIC or UTI.
In Case of Repayment of Loan Taken For Higher Education
There is deduction in income tax in respect of repayment of loan taken by a student from a bank or any other financial institutions for higher education in India or worldwide.
In Case of Contribution To Pension Fund
Under section 80CCC there is a provision of deduction to an individual for any amount paid to keep in force annuity plan of the LIC for receiving pension from a fund set up by that corporation, as per section 10(23AAB) of Income Tax Act,1961. The amount received by assessee or his nominee will be taxable. There will be no rebate under section 88 to the persons whose deduction under this section has been approved.
In Case of Amount Paid as House Rent
Under section 80GG of the Income Tax Act there is a provision of deduction in tax on amount paid by a person (not a salaried person getting housing allowance) for residential accommodation. Deduction in tax will be measured under following parameters :-
The excess of actual rent paid over 10% of the total income (excluding long term capital gain & income, as per section 115A or 115D of Income Tax Act, 1961)
Deduction will not be allowed to an assessee who owns an residential accommodation at a place where he is temporarily residing
Deduction will not be allowed to an assessee who owns an residential accommodation at any place and has also claimed for deduction in respect of self occupied property
In Case of Remuneration Received in Foreign Currency by Employer
Under section 80RR an individual resident of India who is an author or writer or photographer or TV/ film cameraman or TV/ film director or musician or actor or sport person or other such artist whose source of income is foreign income and brings income to India according to foreign exchange regulation, then he is entitled to get a deduction of amount equal to 75% of such income as it is brought in India in convertible foreign exchange. This amount will be deducted from his taxable income within the period 6 months or period allowed by Chief Commissioner of Income Tax Department. It is necessary to show the documents in favor of your claim.
In Case of Remuneration Received For Services Rendered Outside India
Under section 80RRA of the income tax act, an individual who is getting remuneration in a foreign currency from an employer for his service in outside of India, will get a deduction of 75% of such income brought into India. This amount will be deducted from his taxable income within the period of 6 months or period allowed by Chief Commissioner of Income Tax Department. It is necessary to show the documents in favor of your claim.
In Case of Certain Investment
Under section of 80L of the Income Tax Act, there are few investments which are a matter of deduction in taxable amount. Here an assessee will get a deduction of amount upto Rs.12,000 - 15,000 from income on certain specified investments in government securities, UTI mutual funds, bonds and other tax saving schemes. An assessee will be entitled for deduction from his taxable income if he is getting interest or dividend on certain investment which are as follows :
Investment in Securities of central or state government
Investment in National Saving Schemes
Investment in Debentures or Bonds of an institution/ authority/ public sector company/ cooperative society or other such organization notified by central government.
Investment in under National Deposit Schemes as notified by Central Government
Investment in under other schemes which are notified by central government like national saving schemes, time deposit schemes, recurring deposit schemes.
Investment in under monthly income scheme of the post office
Investment in units of UTI and Mutual Funds (under Section 10(23D) of the Income Tax Act)
Investment in with banking institutions
Investment in financial institution working for Industrial Development of India
Investment in a public company limited working for providing long term financing of housing accommodation
Investment in such authorities which are working for planning & development of cities and villages
Investment in co-operative societies
Income Tax Exemptions
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Income Type |
Under Section |
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Agriculture Income |
10(1) |
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Receipts from a Hindu Undivided Family being paid out of family's income or in the case of an impartible estate belonging to family being paid out of such estate's income |
10(2) |
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Share of partner in total income of a firm which is assessed separately as such. |
10(2A) |
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Receipts being in the nature of casual and non-recurring nature not exceeding Rs. 5,000/- (Rs. 2500/- in the case of winnings from horse races, etc). |
10(3) |
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Interest on securities and bonds including premium on redemption of bonds by Non Resident as notified by Central Government. |
10(4)(i) |
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Interests on amounts in Non-resident (External) Account in any bank in India being maintained as per FERA, 1973 and rules thereunder by an individual.. |
10(4)(ii) |
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Interest on specified Central Government's Savings Certificates which were subscribed to, in convertible foreign exchange remitted from a country outside India as per FERA and rules thereunder by an individual citizen or a person of Indian Origin.. |
10(4B) |
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Value of Leave Travel Concession or assistance not exceeding the amount actually spent. |
10(5) |
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Specified remuneration to a foreigner and non-resident individual for shooting of film in India who comes solely for such purpose. |
10(5A) |
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Income-tax paid by the employer carrying on scientific research in respect of the salary income of certain technicians from abroad commencing from 1.4.93 subject to conditions stated therin. |
10(5B) |
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Incomes of foreigners as passage money. |
10(6)(i) |
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Remuneration received by an ambassador, diplomats, etc. as specified. |
10(6)(ii) |
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Remuneration received by employees of foreign companies in respect of services rendered during stay in India subject to conditions as specified. |
10(6)(vi) |
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Remuneration received from foreign philanthropic institutions etc. in respect of services rendered in India subject to both the institutions and the purposes thereof being approved by the Central Govt. |
10(6)(via) |
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Income-tax paid by the employer carrying on scientific research in respect of the salary income of certain technicians from abroad commencing from 1.4.88 till 31.3.93 subject to conditions stated therein. |
10(6)(viia) |
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Salaries to non-resident employed on a foreign ship subject to aggregate stay of not more than 90 days in the previous year. |
10(6)(viii) |
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Salaries to non-resident professors or teachers. |
10(6)(ix) |
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Income of individuals engaged in research work in India under duly approved research schemes. |
10(6)(x) |
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Remuneration received from foreign government for training in a government office or undertaking as employee. |
10(6)(xi) |
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Death-cum-retirement gratuity payable to specified members of civil or defence services. |
10(10)(i) |
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Gratuity not exceeding Rs.3 ½ Lakhs payable under the Payment of Gratuity Act, 1972 |
10(10)(ii) |
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Any other gratuity not exceeding Rs. 2 ½ Lakhs received by employee on retirement or termination of his services or by legal heirs on death of employee limited to 15 days salary for each completed year of service. |
10(10)(iii) |
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Receipt in respect of commutation of pension as per specified limits. |
10(10A) |
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Leave encashment not exceeding 8 months salary and subject to specified conditions & limits. |
10(10AA) |
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Compensation paid to employees on account of retrenchment under Industrial Disputes Act, 1947: Ascertainment of amount to be either minimum Rs. 50,000 or as per the said Act whichever is less. |
10(10B) |
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Payments made under Bhopal Gas Leak Disaster Act, 1985. |
10(10BB) |
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Receipt of amount on voluntary retirement upto Rs. 5,00,000 subject to specified scheme and guidelines and necessary approval. |
10(10c) |
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Payment on a Life Insurance Policy, including bonus thereon but excluding therefrom amounts received u/s 80DDA(3). |
10(10D) |
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Receipt of Payment from Public Provident Fund or Statutory Provident Fund. |
10(11) |
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Payment to employee from recognised provident fund in respect of accumulated balance standing to the credit thereof. |
10(12) |
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Receipt of Payment from Superannuation Fund subject to specified conditions and limits. |
10(13) |
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Special allowance to employee viz., house rent allowance. |
10(13A) |
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Special benefit to employees within meaning of s.17(2) subject to conditions stated therein. |
10(14) |
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Receipt of premium on account of Exchange risk from borrower of foreign currency. |
10(14A) |
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Receipt of interest or premium on redemption etc. on notified securities, bonds etc. such as monthly payment on 15-year Annuity Certificates subject to specified condition and limits. |
10(15)(i) |
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Interest on the new Capital Investment Bonds. |
10 (15)(iib) |
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Interest income from notified Relief Bonds w.e.f., assessment year 1989-90. |
10 (15)(iic) |
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Interest on notified bonds owned by a non-resident etc. and bought in foreign exchange subject to certain conditions. |
10 (15)(iid) |
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Interest on securities under the Ceylon Monetary Law Act, 1949 |
10 (15)(iii) |
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Interest payable to any bank incorporated outside India and approved by RBI. |
10 (15)(iiia) |
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Receipt of interest from Govt. etc. on moneys lent to them from sources outside India. |
10 (15)(iv)(a) |
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Receipt of interest from industrial undertaking in India being approved foreign financial institutions in respect of moneys lent to it. |
10 (15)(iv)(b) |
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Receipt of interest from industrial undertaking in India in respect of moneys lent to it outside India for purchases of raw materials, plant & machinery, etc. from abroad. |
10 (15)(iv)(c) |
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Receipt of interest from specified financial institution in India in respect of moneys lent to it from sources outside India. |
10 (15)(uv)(d) |
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Receipt of interest from financial institution other than those covered by 15(iv)(d) above in respect of moneys lent to it from sources outside India for the purposes as specified. |
10 (15)(iv)(e) |
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Receipt of interest from industrial undertaking in India in respect of moneys lent to it in foreign currency from sources outside India. |
10 (15)(iv)(f) |
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Receipt of interest from scheduled bank in respect of deposits made in foreign currency subject to same being duly approved by the RBI. |
10(15) (iv)(fa) |
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Receipt of interest from public company having been formed and registered in India to provide long-term finances for construction/purchase of houses in respect of moneys lent to it in foreign currency from sources outside India. |
10 (15)(iv)(g) |
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Receipt of interest from public sector company in respect of bonds and debentures as notified. |
10 (15)(iv)(h) |
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Receipt of interest from Government in respect of deposits made in its specified schemes from funds due on retirement. |
10 (15)(iv)(i) |
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Receipt of interest on securities held by Welfare Commissioner, Bhopal Gas Victims as also on deposits made with RBI or Public Bank from 1-4-1994 for the benefit of such victims. |
10 (15)(v) |
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Receipt of payment from an Indian company carrying on business of operation of aircraft, to acquire an aircraft or aircraft engine excluding spares etc., on lease from foreign Govt. or enterprise under an agreement entered into before 1-4-1997 and being duly approved. |
10(15A) |
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Scholarships granted to meet the cost of education |
10(16) |
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Daily allowances received by MPs, MLAs and MLCs. |
10(17)(ii) |
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Receipt of allowances by MPs under the Member of Parliament [Constituency Allowance] Rules, 1986. |
10(17)(ii) |
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Receipt of allowances by MLAs under the limit of Rs. 2,000/- per month |
10(17)(iii) |
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Receipt of any amount in connection with an award, including award in kind, for literary, scientific or artistic work etc. instituted by Government etc. |
10(17A)(i) |
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Receipt of amount in connection with a reward including award in kind from Government in respect of public interest purposes. |
10 (17A)(ii) |
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Receipt of ex-gratia payments from Government to ex-rulers in respect of abolition of their privy purses. |
10(18A) |
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Amount calculated as annual value being the notional value in respect of any one palace to be treated for the purpose as residence by ex-ruler. |
10(19A) |
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Income of a local authority as specified. |
10(20) |
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Income of a development or housing improvement authority in a city and/or village. |
10(20A) |
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Income of approved scientific and research association. |
10(21) |
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Income of a university or other educational institution. |
10(22) |
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Income of a hospital or other such institution working exclusively for philanthropic purposes and not for profit. |
10(22A) |
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Income of news agency having been set up in India for the sole purpose of collection & distribution of news provided its income in any way is not distributed to its members. |
10(22B) |
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Income of associations for promotion of sports, etc. as specified. |
10(23) |
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Any income of associations or institutions for controlling professions of law, medicine, engineering, accountancy, architecture, etc., except incomes derived from house property or for rendering any specified services or interest on/dividends from its investments. |
10(23A) |
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Income of regiment Fund or Nonpublic fund of armed forces established for welfare of past and present members |
10(23AA) |
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Income of a fund established for welfare of employees or their dependents, the employees being members thereof subject to fulfillment of conditions as to approval and otherwise. |
10 (23AAA) |
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Income of fund set up by LIC from 1-4-1996 in respect of pension scheme subject to conditions as specified. |
10 (23AAB) |
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Income of a charitable trust or registered society, etc. working exclusively for development of khadi & village industries and not for profit as per conditions specified. |
10(23B) |
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Income of Khadi & Village Board, etc.. |
10(23BB) |
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Income received by a statutory public religious or charitable trust or endowment. |
10 (23BBA) |
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Income of European Economic Community derived in India in the shape of interest, dividends or capital gains arising out of investments from its funds under such schemes as notified. |
10 (23BBB) |
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Any income of SAARC Fund having been established under Colombo Declaration dt. 21-12-91 by Heads of State or Government of member countries for the purposes of development of regional projects. |
10 (23BBC) |
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Income on behalf of Prime Minister's National Relief Fund. |
10 (23C)(i) |
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Income on behalf of Prime Minister's Fund (Promotion of Folk Art.) |
10 (23C)(ii) |
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Income on behalf of Prime Minister's Aid to Students Fund. |
10 (23C)(iii) |
|
Income of National Foundation for Communal Harmony. |
10 (23C) (iii)(a) |
|
Income of any fund or institution established for charitable cause. |
10 (23c)(iv) |
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Income of any trust or institution established wholly for public religious and/or charitable purposes subject to specified conditions. |
10 (23c)(v) |
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Income of specified Mutual Funds registered and/or set up under /by SEBI Act, 1992; public-sector bank/financial institution or RBI fulfilling such conditions as specified. |
10(23D) |
|
Income of Exchange Risk Administration Fund having been set up by public financial institutions either jointly or separately as per specified conditions. |
10(23E) |
|
Income in the shape of dividends or long-term capital gains derived by a venture capital fund/company from its investments in the equity of a venture capital undertaking |
10(23F) |
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Income in the shape of dividends, interest or long-term capital gains derived by a infrastructure capital fund/company from its investments in the equity or long-term finance of any infrastructure facility oriented enterprise fulfilling such conditions as specified. |
10(23G) |
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Income of registered trade-union relating to "income from house property" and "income from other sources" as specified. |
10(24) |
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income received by trustees of Provident, Superannuation & Gratuity Funds relating to interest on securities and capital gains resulting from sale or exchange of such securities as specified. |
10(25) |
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Income of Employees State Insurance Fund as specified. |
10(25A) |
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Income of member of Scheduled tribes as specified. |
10(26) |
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Income accruing to any person from any source of income in the district of Ladakh or outside India subject to the person being resident in the said district in the relevant previous year and satisfying other conditions as specified. |
10(26A) |
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Income from winnings from lottery, agreement for draw in respect of which having been entered into upto 28-2-89 between Sikkim Govt. and organising agents of such lottery subject to fulfilling of such condition as specified. {to be omitted from 1-4-1998} |
10(26AA) |
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Income of any statutory corporation formed for promoting the interests of Scheduled Castes or Scheduled tribes, etc., as specified. |
10(26B) |
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Income of any statutory corporation formed for promoting the interests of the members of any minority community. |
10(26BB) |
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income of any cooperative society formed for promoting the interests of members of Scheduled Caste & Tribes. |
10(27) |
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Any amount adjusted or paid relating to Tax Credit Certificates. {To be omitted from 1-4-1998} |
10(28) |
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Income of an authority from letting of godowns/warehouses for storage, processing or facilitating marketing of goods as specified. |
10(29) |
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Receipt by way of subsidy received from Tea Board as specified. |
10(30) |
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Receipt by way of subsidy received from the concerned Board by an assessee growing or manufacturing rubber, coffee, cardamom and other notified commodities. |
10(31) |
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Income relating to minor child if clubbed u/s 64(1A) in the hands of the assessee not exceeding Rs.1,500 in respect of each minor chid. |
10(32) |
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Any income by way of dividends (whether interim or otherwise) declared, distributed or paid by a Domestic Company on or after 1-6-1997 as referred to in section 115-O. |
10(33) |
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Any profits and gains of newly established industrial undertakings in free trade zones, electronic hardware/software technology parks for any five consecutive assessment years within a block of eight years from the assessment year corresponding to previous year in which production started subject to fulfilling all the conditions as specified. |
10A |
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Any profits and gains of newly established 100% export-oriented units for any five consecutive assessment year within a block of eight years from the assessment year corresponding to previous year in which production started subject to fulfilling all the conditions as specified. |
10B |
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Income of any person from the property held under trust wholly or in part for charitable or religious purposes as specified in detail and subject to the provisions of sections 60 to 63. |
11 |
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Receipt of any voluntary contributions by a trust/institution created/ established wholly for charitable or religious purposes excluding the contributions made to it with specific direction to form part of corpus: Such voluntary contributions be deemed to be income from property in terms of section 11. |
12 |
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Income of political party chargeable as income from house property or other sources or by way of voluntary contributions received by it from any person subject to conditions as specified. |
13A |
