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Section 10 of Income Tax Act: Exemptions Allowed, Eligiblity, Documents Required

What Is Section 10 of the Income Tax Act?

What Are the Exemptions Allowed Under Section 10 of the Income Tax Act?

Various forms of tax exemptions are allowed under Section 10 of the Income Tax Act, as per the Union Budget 2022. All the subsections specifying tax exemptions are discussed in the following.

Section and Subsections

Forms of Tax Exemption

Section 10 (1)

Earnings through agricultural means in India

Section 10 (2)

Income or any amount achieved through a coparcener from a HUF (Hindu undivided family), which includes the family income

Section 10 (3)

Income received via casual forms up to ₹5000 and up to ₹2500 for occasions like horse-racing

Section 10 (2A)

Income received from the profit of being a partner to a company

Section 10 (4) (i) and (ii)

Any interest amount paid to a non-resident of India in person or transferred through a bank account

Section 10 (4B)

Any interest amount paid to a non-resident of India but an Indian by origin

Section 10 (5)

Any concession is given to employee to travel in India

Section 10 (6)

Any income of a non-Indian citizen made or received in India

Section 10 (6A), (6B), (6BB), (6C)

Government tax levied on the earnings of a foreign company

Section 10 (7)

Allowances that government employees receive while being stationed abroad

Section 10 (8)

Income earned under Cooperative Technical Assistance Program by foreign employees working in India

Section 10 (8A) and (8B)

Earnings of a consultant, or the consultant’s staff

Section 10 (9)

Income of the family members of foreign employees under Cooperative Technical Assistance Program

Section 10 (10)

Any death-cum-retirement gratuity received under the revised Pension Rules of the Central Government

Section 10 (10A) and (10AA)

Any commuted amount earned during retirement and the amount made via encashment of leaves during retirement

Section 10 (10B)

Compensation that workers get for relocation in job

Section 10 (10BB) and (10BC)

Any remittance obtained according to the Bhopal Gas Leak Disaster Act 1985 or in the event of any disaster

Section 10 (10CC) and (10D)

Any amount received through taxation, perquisites and life insurance policy

Section 10 (11), (12) and (13)

Any amount received through Statutory Provident Fund, an authorised or recognised Fund or via a Superannuation Fund

Section 10 (14)

Allowance utilised for meeting business expenses

Section 10 (15) (i) and (ii)

Redemptions, interests, premiums obtained from bonds, securities, etc. which are notified.

Section 10 (15) (iv)

Interest on deposits of state government, central government or public sector employees paid by the government for retirement.

Section 10 (15) (vi)

Interest received upon gold bond deposits, which are notified.

Section 10 (15) (vii)

Interest received on local authority bonds, which are notified.

Who Is Eligible to Claim Exemption Under Section 10 of the Income Tax Act?

Documents Required to Claim Exemption Under Section 10 of the Income Tax Act

Frequently Asked Questions