Assessee Specific Exemption under section 10 - Income Tax - Ready Reckoner - Income Tax

Assessee Specific Exemption under section 10 Section Particulars (For conditions / details see the relevant clauses) Limit of Exemption Exemption available to 10(2) Receipt of any sum out the Income of the HUF Subject to Section 64(2) Entire Amount Individual being member of HUF 10(2A) Share of Income from the Firm Fully Exempt Partner of a Firm 10(14) Counter Insurgency Allowance if this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations) Up to 3,900 per month Individual Members of Armed Forces 10(14) High Altitude Allowance is granted to armed forces operating in high altitude areas (Subject to certain conditions and locations) a) Up to 1,060 per month (for altitude of 9,000 to 15,000 feet) b) Up to 1,600 per month (for altitude above 15,000 feet) Individual Members of Armed Forces 10(14) Highly active field area allowance is granted to members of armed forces (Subject to certain conditions and locations) Up to 4,200 per month Individual Members of Armed Forces 10(14) Island Duty Allowance is granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations) Up to 3,250 per month Individual Members of Armed Forces 10(14) Underground Allowance to employees working in uncongenial, unnatural climate in underground mines Up to 800 per month Individual 10(17) Daily allowance and Constituency allowance Fully Exempt Individual Membership of Parliament or of any State Legislature 10(17A) Any award instituted in the public interest by the Government or any reward by the Government for such purpose as may be approved by the Government Fully Exempt Individual 10(18) Pension received by the winners of Vir Chakra etc. Fully Exempt Individual Winner of Vir Chakra etc. 10(19A) Annual Value of any one palace in the occupation of the Ruler (House property income) Fully Exempt Ruler 10(20) Income from House Property or Capital Gains or Income from other sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service Fully Exempt Local Authority 10(21) Any income of an approved Research Association approved for the purposes of Section 35(1)(ii) or (iii) Fully Exempt Approved Research Association 10(22B) Income of News Agency Fully Exempt News Agency 10(23A) Income of professional Institutions Fully Exempt As notified 10(23AA) Any income received by any person on behalf of any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants; Fully Exempt Any person 10(23AAA) Any income received by any person on behalf of a fund established, for such purposes as may be notified by the Board in the Official Gazette, for the welfare of employees or their dependants Fully Exempt As notified 10(23AAB) Any income of a Pension Scheme fund established by LIC or any other insurer Fully Exempt Insurance co. 10(23B) Income of Institutions established for development of Khadi and Village Industries Fully Exempt Institutions established for development of Khadi and Village Industries 10(23BB) Income of an authority established for the development of khadi or village industries in the State. Fully Exempt Board established by state 10(23BBA) Income of any body or authority which provides for the administration of public religious or charitable trusts or endowments Fully Exempt Body or authority 10(23BBB) Income of the European Economic Community under the notified scheme Fully Exempt European Economic Community 10(23BBC) Income of the SAARC Fund for Regional Projects Fully Exempt SAARC Fund 10(23BBD) Income of the Secretariat of the Asian Organisation of the Supreme Audit Institutions Fully Exempt ASOSAI-SECRETARIAT 10(23BBE) Income of the Insurance Regulatory and Development Authority Fully Exempt IRDA 10(23BBF) [ Omitted By FA 2023 ] Income of the North-Eastern Development Finance Corporation Limited Fully Exempt subject to conditions NEDFC 10(23BBG) Income of the Central Electricity Regulatory Commission Fully Exempt CERC 10(23BBH) Income of the Prasar Bharati Fully Exempt Prasar Bharati 10(23D) Income of notified Mutual Fund Fully Exempt Mutual Fund 10(23DA) Income of a securitisation trust from the activity of securitisation Fully Exempt Securitisation Trust 10(23EA) Contributions received from recognised stock exchanges and the members thereof Fully Exempt Investor Protection Fund 10(23EB) [ Omitted By FA 2023 ] Income of the Credit Guarantee Fund Trust for Small Industries Fully Exempt Such Trust 10(23EC) Contributions received from commodity exchanges and the members thereof Fully Exempt Investor Protection Fund 10(23ED) Contributions received from a depository Fully Exempt Investor Protection Fund 10(23EE) Specified income of such Core Settlement Guarantee Fund Fully Exempt Set up by a recognised clearing corporation 10(23FA) Dividends or long-term capital gains (except u/s 115-O) Fully Exempt Venture capital fund or a venture capital company 10(23FB) Any income, if set up to raise funds for investment in a venture capital undertaking Fully Exempt Venture capital company or venture capital fund 10(23FBA) Any income other than the income chargeable under the head Profits and gains of business or profession Fully Exempt Investment fund 10(23FC) Interest from SPV and Dividend income Fully Exempt Business trust 10(23FCA) Renting or leasing or letting out any real estate asset Fully Exempt Business trust, being a real estate investment trust 10(24) Income from house property and Income from other sources Fully Exempt Trade union or Association of Trade Unions 10(25) Interest on securities which are held by, or are the property of, or capital gains Fully Exempt Provident fund 10(25A) Any income Fully Exempt Employees' State Insurance Fund 10(26) Any income from any source in the areas, or Dividend or interest on securities Fully Exempt Persons of States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura and Ladakh region 10(26AAA) Income from any source in the State of Sikkim; or Dividend or interest on securities: Fully Exempt Sikkimese Sikkimese shall mean refer explanation of this clause. 10(26AAB) Any Income Fully Exempt Agricultural produce market committee or board 10(26B) Any income Fully Exempt Corporation established for promoting the interests of the SC/ST/BC 10(26BB) Any income Fully Exempt Corporation set for for promoting the interests of the members of a minority community. 10(26BBB) Any income Fully Exempt Corporation established for the welfare and economic upliftment of ex-servicemen 10(27) Any income Fully Exempt Co-operative society formed for promoting the interests of the members of either SC / ST 10(29A) Any income Fully Exempt Specified Boards 10(30) Any subsidy received under any such scheme related Tea cultivation Fully Exempt Who carries on the business of growing and manufacturing tea in India 10(31) Any subsidy received through concerned Board under any such scheme related to rubber, coffee, cardamom or such other commodity Fully Exempt Who carries on the business of growing and manufacturing rubber, coffee, cardamom or such other commodity in India 10(32) Income of Minor Child in case of clubbing u/s 64(1A) Upto ₹ 1500/- Parent who has included such income in his / her ITR 10(42) Income of body or authority under a treaty or an agreement entered into by the Central Government with two or more countries or a convention Fully Exempt Such Body or authority as notified 10(45) Any allowances and perquisites Fully Exempt (specified amount) Individual Chairman/Member of UPSC (or retired) 10(46) Set up with the object of regulating or administering any activity for the benefit of the general public ( as notified by notification ) . Fully Exempt (specified amount) Body or authority or Board or Trust or Commission 10(46A) Added by FA, 2023 1. Set up with the object (w.e.f. 1st April, 2024) - dealing with and satisfying the need for housing accommodation; planning, development or improvement of cities, towns and villages; regulating, or regulating and developing, any activity for the benefit of the general public; or regulating any matter, for the benefit of the general public, arising out of the object for which it has been created; and Notified by the Central Government in Official Gazette. Fully Exempt Body or authority or Board or Trust or Commission 10(46B) Added by FA, 2023 any income accruing or arising to, National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government; or a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited; or Credit Guarantee Fund Trust for Micro and Small enterprises, being a trust created by the Government of India and the Small Industries Development Bank of India established under section 3(1) of the Small Industries Development Bank of India Act, 1989; Fully Exempt Specified Entities 10(47) Any income Fully Exempt Infrastructure debt fund 10(48) Any income received in India in Indian currency by a foreign company on account of sale of crude oil, any other goods or rendering of services in India as notified Fully Exempt Foreign company 10(48A) Any income accruing or arising on account of storage of crude oil in a facility in India and sale of crude oil therefrom in India Fully Exempt Foreign company 10(48B) Any income on leftover stock of cured oil (as referred in 10(48A) above) Fully Exempt Foreign company 10(49) (Omitted by FA, 2023 ) Any income of the National Financial Holdings Company Fully Exempt Company set up by the Central Government