Income which are exempt from tax

The following types of incomes are tax exempt:

  • Agricultural income
  • Amount received as share of income from the HUF
  • Amount received as share of profits from the firm
  • Amount received as interest or premium on redemption on specified bonds or securities
  • Leave travel concession from employer/former employer
  • Remuneration amount received for being an employee in a foreign enterprise for services rendered by him during his stay in India
  • Tax paid on income (does not include Salary, Royalty, and Technical fees) by Central Govt. or by an Indian Concern to the Central Govt.
  • Royalty or fees for technical services
  • Gratuity and Commuted pension
  • Leave encashment
  • Retrenchment Compensation
  • Compensation for voluntary retirement [V.R.S]
  • Tax on non-monetary perquisites paid by the employer
  • Payments received from a provident fund
  • Accumulated balance in a recognized provident fund
  • House rent allowance
  • Prescribed allowances
  • Interest, premium on redemption and other payments on securities, bonds, annuity certificates, saving certificates and notified deposits
  • Scholarships
  • Awards received in cash or kind
  • Pension/ Family Pension

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