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Allowances exempt under section 10. This exemption can be availed for two children only. Let check out the allowances that are given to the beneficiary. According to section 10 1 those who are taxpayers and earn the income from agriculture are entitled to get the exemption from tax.
Allowances granted to government employees who are indian citizens. In form 16 rs 12000 per annum should be exempted under sec 10. Leave travel allowance lta is an assistance given by employer to employee for traveling anywhere in india along with his her family.
Special allowance prescribed as exempt under section 10 14 when exemption depends upon actual expenditure by the employee the following allowances are exempt under section 10 14 to the extent the amount is utilised for the specified purpose for which the allowance is received. Exemption under section 10 2 on income received by a coparcener from the huf if you are a coparcener in a hindu undivided family huf share of income received from family income or income received from an impartial family estate would be exempted from tax. The allowance amount is fixed rs 1000 every month no matter of employee s grade and level.
Let us explore this section in detail. However there are other specific allowances eligible for section 10 exemption and come under section 10 14 of the income tax act 1961. Provisions of section 10 14 i provide exemption towards prescribed special allowance or benefits granted to the employees to meet expenses wholly exclusively and necessarily towards the performance of the official duty.
As per section 2 1a agricultural income generally means. Client having washing allowance wage component in monthly regular salary is stored in infotype 0008. Any rent or revenue derived from land which is situated in india and is used for agricultural purposes.
Allowances granted to high court judges. As per section 10 1 agricultural income earned by the taxpayer in india is exempt from tax. For instance in a financial year you earn inr 50 000 as salary from your huf.
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