EXEMPTED INCOME

These are incomes which neither included in total income nor income tax payable on them.

1.Agriculture income Sec10(1)
2.Sums received from the Hindu Undivided Family Sec.10 (2)
3.Share of profit of a partner in the firm shall be exempt Sec10 (2A)
4.Interest received by non-residents Sec.10 (4) (i) on the way of interest on the investment in notified bonds or securities.
5.Interest on non-resident (external) account in any bank of India Sec.10 (4)(ii)
6.Interest paid to a person of Indian origin and who is non resident Sec 10(4B)
7.Travel concession Sec10. (5)
8.Exemption to an individual who is not a citizen of India Sec.10 (6)
9.Tax paid by government or Indian concern on income of foreign company Sec10 (6A)(6B)(6BB) and (6C)
10.Perquisites and allowances paid by government to its employees serving outside India Sec.10 (7)
11.Income of employees of foreign countries working in India under cooperative technical assistance programme Sec.10 (8)
12.Remuneration or fees received by non-resident consultants and their foreign employees Sec.10(8A) and (8B)
13.Income of family members of an employee serving under the cooperative technical assistance programmes Sec.10(9)
14.Gratuity Sec10(10)
15.Commuted value of pension Sec10(10A)
16.Amount received as leave encashment on retirement Sec.10(10AA)
17.Retrenchment compensation Sec.10(10B)
18.Payment received under Bhopal gas leak disaster Sec.10(10BB)
19.Compensation received at the time of voluntary retirement Sec10(10.C)
20.Income by way of tax on perquisites Sec10(10.C)
21.Sum received from life insurance policy Sec 10(10D)
22.Payment from the statutory provident fund Sec.10 (11)
23.Payment from the Recognized provident fund Sec.10 (12)
24.Payment from approved superannuation fund Sec.10 (13)
25.House rent allowance Sec.10 (13.A)
26.Special allowance Sec.10 (14) other than perquisites to meet certain expenditure incurred during employment.
27.Interest on securities
28.Scholarships to meet the cost of education Sec.10 (16)
29.Allowances given to MPs MLAs and MLCs Sec.10 (17) under any act or rules made by the state legislature.
30.Award and reward given in cash or kind by any body which is approved by the central Govt Sec.10 (17)
31.Pension Sec.10 (18)
32.Annual value of one place, which is occupied by the ruler Sec 10(19A)
33.Income of local authority Sec.10 (20)
34.Income of scientific research association Sec.10 (21)
35.Income of news agency Sec.10 (22B)
36.Income of professional institutes Sec.10 (23A)
37.Income of regimental fund or non-public fund Sec.10 (23AA)
38.Income of fund for welfare of employees or their dependents Sec.10 (23AAA)
39.Income of pension fund setup by LIC of India approved by IDRA Sec.10 (23AAB)
40.Income from Khadi or Village industries Sec.10 (23B)
41.Income of Khadi or Village boards for the development of Khadi or Village industries in the State Sec.10 (23BB)
42.Income of statutory bodies for the accommodation of the public charitable trusts Sec10(23BBA)
43.Income of European Economic community Sec10(23BBB)
44.Income of SAARC fund for regional projects Sec.10(23BBC)
45.Income of the secretariat of Asian organization of Supreme Audit Institutions Sec.10(23BBD)
46.Income of insurance regulatory authority Sec.10(23BBE)
47.Exemption for any income of north –eastern development finance corporation limited Sec.10(23BBF) formed and registred under the companies act of 1956.
48.Income received by any person on behalf of certain national funds, educational institution and hospitals Sec.10(23C)
49.Income of mutual fund Sec.23.D registered under the SEBI act and set up by the Public Sector Bank or Public Financial Institution authorized or authorized by RBI

50.Income exchange risk administration fund Sec.10(23EA) from stck exchange and the members there to.
51.Income of credit guarantee funds trust for small tries Sec.10(23EB)
52.Income of inspector protection fund Sec.10(23EC) notified by the central govt.
53.Income by way of dividend and long term capital gains of venture capital funds and venture capital companies Sec.10 (23FA)
54.Income of the venture capital fund or companies Sec.10(23FB)
55.Income of registered trade unions Sec.10(24)
56.Income of provident funds and employees state insurance fund Sec.10(25)
57.Income of a member of a scheduled tribe Sec.10(26)
58.Income of residents of Ladakh Sec.10(26A)
59.Income of body for promoting interest of scheduled castes/tribes/backward class Sec.10(26B)
60.Income of corporation for the benefit of the minority communities Sec.10(26BB)
61.Income of corporation established by the central Govt for the upliftment of ex-serviceman Sec.10(26BBB)
62.Income of cooperative society for promoting the interests of the scheduled casts /tribes Sec.10(27)
63.Income of board Sec.10(29A) like coffee board, rubber board..etc
64.Subsidy from tea board Sec. 10(31)
65.Income of minor child Sec.10(32)
66.Income from units of units scheme 1964 Sec.10(33),if the transfer take place after 1.4.2002
67.Dividends etc Sec.10(34)
68.Income from units Sec.10(35) of mutual fund or from the administrator of specified undertakings etc.
69.Income from equity shares Sec.10(36)
70.Capital gains arising through transfer of agriculture land situated in the urban area Sec.10(37)
71.Long term capital gain on transfer of an equity share or a unit Sec10(38)
72.Income from international sporting event Sec.10(39) approved by the international body
73.Income of subsidiary company Sec.10(40) of a Indian holding company
74.Income from transfer of capital asset Sec.10(41) of an undertaking engaged in the business of power generation
75.Specified income of body or authority Sec.10(42) is established or constituted not for the purpose of profit
76.Income from newly industrial undertaking in free trade zones, etc Sec 10A ie gain from the export of articles or computer software
77.Newly established 100% export oriented undertakings Sec.10B approved by the body appointed by the central govt