Exempt incomes under tax law: specified agricultural, IFSC, non resident, retirement and insurance receipts excluded from total income. Section 10 excludes specified categories of income from computation of total income, including agricultural income; HUF or estate disbursements to ... Summary
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Exempt incomes under tax law: specified agricultural, IFSC, non resident, retirement and insurance receipts excluded from total income.
Section 10 excludes specified categories of income from computation of total income, including agricultural income; HUF or estate disbursements to individuals; a partner's share where a firm is separately assessed; various non resident and IFSC linked interest, capital gains and derivative receipts subject to conditions; travel concessions and certain foreign remuneration subject to residency and approval conditions; family members' foreign taxed income accompanying exempt persons; retirement and employee receipts (gratuity, pension commutation, leave encashment, retrenchment compensation, voluntary retirement payments and disaster compensation) under prescribed limits and conditions; and life insurance proceeds subject to premium and policy type provisos.
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