Q.
What are tax free incomes under Indian Income Tax Act ?
Asked by radhakrishnan,
06 Nov '09 05:48 am
Earn 10 points for answering
Answers (1)
1.
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
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
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