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[Deleted by Act 12 of , Schedule.] 4. Duty to regard documents, etc., as secret and to make declaration. Imposition of Income Tax. 5. Chargeable income. Section - 10, Income-tax Act, - CHAPTER III. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME. Incomes not included in. Section - 2, Income-tax Act, - Definitions. 2. In this Act, unless the context otherwise requires,—. 3. [(1) "advance tax" means the.
Interest on notified savings certificates [Section 10 4B ] As per section 10 4B , in the case of an individual, being a citizen of India or a person of Indian origin, who is a non-resident, any income by way of interest on notified savings certificates subscribed in convertible foreign exchange issued before the 1st day of June, by the Central Government is exempt from tax.
Leave travel concession [Section 10 5 ] An employee can claim exemption under section 10 5 in respect of Leave Travel Concession. Exemption under section 10 5 is available to all employees i. Indian as well as foreign citizens.
Exemption is available in respect of value of any travel concession or assistance received or due to the employee from his employer including former employer for himself and his family members in connection with his proceeding on leave to any place in India.
Other provisions to be kept in mind in this regard are as follows: Where journey is performed by air: Amount of exemption will be lower of amount of economy class air fare of the National Carrier by the shortest route or actual amount spent. Where journey is performed by rail: Amount of exemption will be lower of amount of air-conditioned first class rail fare by the shortest route or actual amount spent.
The same rule will apply where journey is performed by any other mode and the place of origin of journey and destination are connected by rail.
Where the place of origin and destination are not connected by rail and journey is performed by any mode of transport other than by air: The exemption will be as follows: a If recognised public transport exists: Exemption will be lower of first class or deluxe class fare by the shortest route or actual amount spent.
Block: Exemption is available for 2 journeys in a block of 4 years. The block applicable for current period is calendar year The previous block was of calendar year Carry over: If an employee has not availed of travel concession or assistance in respect of one or two permitted journeys in a particular block of 4 years, then he is entitled to carry over one journey to the next block. In this situation, exemption will be available for 3 journeys in the next block.
However, to avail of this benefit, exemption in respect of journey should be utilised in the first calendar year of the next block. In other words, in case of carry over, exemption is available in respect of 3 journeys in a block, provided exemption in respect of at least 1 journey is claimed in the first year of the next block. Exemption is in respect of actual expenditure on fare, hence, if no journey is performed, then no exemption is available.
Family: Family will include spouse and children of the individual, whether dependent or not and parents, brothers, sisters of the individual or any of them who are wholly or mainly dependent on him. Exemption is restricted to only 2 surviving children born after October 1, multiple births after first single child will be considered as one child only , however, such restriction is not applicable to children born before October 1, Remuneration received by specified diplomats and their staff [Section 10 6 ii ] As per section 10 6 ii , in case of an individual who is not a citizen of India, remuneration received by him as an official by whatever name called of an embassy, high Commission, legation, Commission, consulate or trade representative of a foreign State, or member of the staff of any of that official is exempt from tax, if corresponding Indian official in that foreign country enjoys a similar exemption.
Salary of a foreign employee and non-resident member of crew [Section 10 6 vi , viii ] As per section 10 6 vi , the remuneration received by a foreign national as an employee of a foreign enterprise for services rendered by him during his stay in India is exempt from tax, provided the following conditions are fulfilled— a the foreign enterprise is not engaged in any trade or business in India ; b his stay in India does not exceed in the aggregate a period of 90 days in such year ; and c such remuneration is not liable to be deducted from the income of the employer.
As per section 10 6 viii , any salaries received by or due to a non-resident foreign national for services rendered in connection with his employment on a foreign ship where his total stay in India does not exceed in the aggregate a period of 90 days in the year is exempt from tax. Remuneration of a foreign trainee [Section 10 6 xi ] As per section 10 6 xi , the remuneration received by a foreign trainee as an employee of foreign Government during his stay in India in connection with his training in any establishment or office of, or in any undertaking owned by,— i.
Tax paid on behalf of foreign company or non-resident in respect of other income [Section 10 6B ] Tax paid by Central Government, State Government or an Indian concern on behalf of a foreign company or non-resident in respect of any income not being salary, royalty or fees for technical services will be exempt from tax in the hands of such foreign company or non-resident if such income is received in pursuance of an agreement entered into before June 1, by the Central Government with the Government of a foreign State or international organisation or any other related agreement approved by the Central Government.
Tax paid on behalf of foreign Government or foreign enterprise deriving income by way of lease of aircraft or aircraft engine [Section 10 6BB ] Tax paid by an Indian company, engaged in the business of operation of aircraft, on behalf of foreign Government or foreign enterprise deriving income by way of lease of aircraft or aircraft engine will be exempt from tax in the hands of such foreign Government or foreign enterprise if such lease rental is received under an agreement which is approved by Central Government and entered during the period between to , or after Technical fees received by a notified foreign company [Section 10 6C ] Section 10 6C grants exemption from tax in respect of income arising to notified foreign company by way of royalty or fees for technical services received in pursuance of an agreement entered into with that Government for providing services in or outside India in projects connected with security of India.
Income of foreign Government employee under co-operative technical assistance programme [Section 10 8 ] As per section 10 8 , remuneration received directly or indirectly by an individual, from the foreign Government in connection with a co-operative technical assistance programme and projects in accordance with an agreement entered into by the Central Government and such foreign Government, is exempt from tax. Section 10 8B grants similar exemption to the employee of the above discussed consultant, if such employee is either not a citizen of India or being a citizen of India, is not ordinarily resident in India and the contract of his service is approved by prescribed authority before the commencement of his service.
Death-cum-retirement gratuity received by Government servants [Section 10 10 i ] Section 10 10 i grants exemption to gratuity received by Government employee i. Maximum amount specified, e. Gratuity actually received. Items other than basic salary and dearness allowance are not to be considered. Note: 1 Average monthly salary is to be computed on the basis of average of salary for 10 months immediately preceding the month of retirement.
Pension [Section 10 10A ]: As per section 10 10A , any commuted pension, i. Exemption is available only in respect of commuted pension and not in respect of un-commuted, i. Exemption in respect of commuted pension in case of a non-Government employee will be as follows: If the employee receives gratuity, one third of full value of commuted pension will be exempt from tax under section 10 10A.
If the employee does not receive gratuity, one half of full value of commuted pension will be exempt from tax under section 10 10A. Leave salary [Section 10 10AA ] As per section 10 10AA , leave encashment by a Government employee at the time of retirement whether on superannuation or otherwise is exempt from tax. In the hands of non-Government employee exemption will be least of the following: 1.
Maximum amount as specified by the Government, e.
Leave encashment actually received at the time of retirement. It is available with respect to any expense incurred towards treatment of specified medical diseases or ailments for himself or any of his dependents.
For an HUF, such a deduction is available with respect to medical expenses incurred towards these prescribed ailments for any of the HUF members.
For senior citizens and super senior citizens In case the individual on behalf of whom such expenses are incurred is a senior citizen, the individual or HUF taxpayer can claim a deduction up to Rs 1 lakh. Until FY , the deduction that could be claimed for a senior citizen and a super senior citizen was Rs 60, and Rs 80, respectively. This has now become a common deduction available upto Rs 1 lakh for all senior citizens including super senior citizens unlike earlier.
For reimbursement claims Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section. Also remember that you need to get a prescription for such medical treatment from the concerned specialist in order to claim such deduction.
Read our detailed article on Section 80DDB. In case of severe disability, one can claim a deduction of Rs 1,25, From FY any donations made in cash exceeding Rs 2, will not be allowed as deduction.
The donations above Rs should be made in any mode other than cash to qualify for 80G deduction. Section 80GGB — Company Contribution Deduction on contributions given by companies to Political Parties Section 80GGB deduction is allowed to an Indian company for the amount contributed by it to any political party or an electoral trust. Deduction is allowed for contribution done by any way other than cash. Section 80GGC — Contribution to Political Parties Deduction on contributions given by any person to Political Parties Deduction under section 80GGC is allowed to an individual taxpayer for any amount contributed to a political party or an electoral trust.
It is not available for companies, local authorities and an artificial juridical person wholly or partly funded by the government. You can avail this deduction only if you pay by any way other than cash. The taxpayer must be an individual patentee and an Indian resident.
The taxpayer must furnish a certificate in the prescribed form duly signed by the prescribed authority. The limit for this deduction is Rs.
No further deduction under section 80TTA shall be allowed. In addition to section 80 TTB, section A of the Act will also be amended so as to increase the threshold limit for TDS on interest income payable to senior citizens. The earlier limit was Rs 10,, which was increased to Rs 50, as per the latest Budget.