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The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance allowance for children education travel allowance gratuity and so on.
Exempted income under section 10. Agriculture income section 10 1 as per section 10 1 agricultural income earned by the taxpayer in india is exempt from tax. Section 10 14 education allowance partially exempt income an allowance of up to inr 100 per month per child is tax free under section 10. Amount received as share of income from the huf.
Only those members can claim exemption who are entitled to demand share on partition or entitled to maintenance under hindu law. According to section 10 of the income tax act 1961 the salaried employees are entitled to enjoy the tax exemption. Agricultural income is defined under section 2 1a of the income tax act.
Also there is a hostel allowance for expenses that are made towards a child s hostel fee up to inr 300 per month per child. Is not engaged in any commercial activity. As per section 2 1a agricultural income generally means.
Under section 10 there are different sub sections that define what kind of income is exempt from tax. Conditions for claiming exemption. Rent or revenue 10 2 any individual being a member of huf.
Income that is non taxable is called as exempt income. Exemption under section 10 1 on agricultural income if you earn any type of agricultural income in a financial year. Rent or revenue earned from a land located in india which is used for agricultural purposes income earned from an agricultural land located in india by doing agricultural.
This can range from agricultural to house rent allowance. And is notified by the central government in the official.
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