exmpted income ppt
TRANSCRIPT
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EXEMPTED
INCOME(Section-10)
Presented
by:MANYA
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Introduction
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Conti
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These are :
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Section-10(1)
Agricultural Income is exempt from tax
if it comes within the definition of
agriculturalincome as given in Section
2(1A)
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Subject to the provisions of 64(2), any sum
received by an individual as a member of a HUF,
where such sum has been paid out of the incomeof the family, or, in the case of any impartibly
estate, where such sum has been paid out of the
income of the estate belonging to the family.
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In case the income of an :
individual includes the income of his minor childin terms of section 64(1A), such an individual
shall be entitled to exemption of Rs. 1,500/- in
respect of each minor child if the income of such
minor is includible under section 64(1A) exceeds
that amount.
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Any income arising from the transfer of a capital
asset being a unit of US 64and where the transfer
of such assets takes place on or after 1.04.2002,shall be exempt from tax. This exemption is
applicable whether US 64 Unit is long term
capital asset or short term capital asset.
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(c) Non-Govt. employee and not covered by the
payment of Gratuity Act, 1970(i) Rs. 3,50,000
(ii) Halfmonths average salary for
each completed year of service(iii) Gratuity actually received
Least of the above three is exempt.
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Contd
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Contd
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Contd
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Contd
3.
.
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Contd
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Contd
lower.
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kamal maghani 35
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Contd
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Contd
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Contd
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Contd
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Contd
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Government Employee Non-government employeecovered by the payment of
Gratuity Act, 1972
Non-government employee notcovered by the payment of
Gratuity Act, 1972
It is fully exempt fromtax under section
10(10)(i)
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Contd
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Contd
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Provident Fund
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Contd
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Contd
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C d
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Contd
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C d
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Contd
15. Banking cash transaction tax, securitiestransaction tax and commodities
transaction tax.
16. Advertisement expenses [Sec. 37(2B)].
17. General Deduction [Sec. 37(1)].
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C d
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Contd
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.
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C td
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Contd
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C td
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Contd
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