Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

What are tax free incomes under Indian Income Tax Act ?

Tags: money, income, income tax
Asked by radhakrishnan, 06 Nov '09 05:48 am
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

Answers (2)

1.

Section 10 of Income Tax Act,1961 Gives the Tax Free Incomes Under Income Act,1961. All the Incomes referred here are Tax Free.

Say 10(1) -Agricultural Income, 10(2)- Amount received by a member of HUF from such Hindu Undivided Family, Similarly 10(2A)- Share of Profits Received by a Partner from a Partnership firm Etc.

You can all the Exempted Income in the below LinK: http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Sectio n-10
Source: http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-10
Answered by bhuvana, 28 Nov '13 06:41 pm

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
2.

The incomes enumerated below are exempt from tax
1
.Agricultural income Section 10(1)
(This incomes has to be considered for determining the rate of tax applicable to the other income)

2.
Any sum received by an individual as a member of a Hindu undivided family from income of the family or from the income of the impartible estate of the family. Section 10(2)

3. Share of profit of a person from a firm, which is separately assessed and where he is a partner. (This clause was introduced by the Finance Act, 1992, w.e.f. 1.4.1993, consequent upon taxation of the income of a firm separately at a flat rate)Section 10(2A)
4. ...more
Answered by venkatesaldevarajan, 06 Nov '09 07:16 am

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining

Related Answer

Q.
A

I absolutely agree with you...more

Answered by HEMANT MEHTA