Section 10 of Income Tax Act 10(10D) 10(23C) 10(38) 10(34)

Section 10 of the Income Tax Act 1961 deals with exemptions from gross total income of an Assessee. In other words, Section 10 states that, Certain incomes falling under specified clauses are exempt from Income Tax and shall not be added to the Total Income of the Assessee. Section 10 is one of the largest provision in the Income Tax Act with over 200 Clauses and Sub-Clauses.

Section 10 Clauses Detailed List

There are total of 80 Clauses in Section 10. The first clause deals with Agricultural Income and the last clause covers Income of National Financial Holdings Company. All these clauses are listed below for your reference.

Clause  Detailed Provision
 Section 10(1) Agriculture Income
 Section 10(2) Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F.)
 Section 10(2A) Share of Income from the Firm
 Section 10(4)(i) Interest paid to Non-Resident
 Section 10(4)(ii) Interest to Non-Resident on Non-Resident (External) Account
 Section 10(4 B) Interest paid to a person of Indian Origin and who is Non-Resident
 Section 10(5) Travel Concession to an Indian Citizen Employee
 Section 10(6) Remuneration received by an individual who is not a citizen of India
 Section  10(6A), (6B), (6BB) and (6C) Tax paid by Government or Indian concern on Income of a Foreign Company
 Section 10(7) Perquisites and Allowances paid by Government to its Employees serving outside India
 Section 10(8) Employees of Foreign Countries working in India under Cooperative Technical Assistance Programme
 Section 10(8A) Income of a Consultant
 Section 10(8B) Income of Employees of Consultant
 Section 10(9) Income of any member of the family of individuals working in India under co-operative technical assistance programmes
 Section 10(10) Gratuity
 Section 10(10A) Commuted value of pension received
 Section 10(10AA) Amount received as leave encashment on retirement
 Section 10(10B) Retrenchment compensation paid to workmen
 Section 10 (10BB) Payment received under Bhopal Gas Leak Disaster (Processing of Claims) Act 1985
 Section 10(10BC) Compensation received in case of any disaster
 Section 10 (10C) Retirement Compensation from a Public Sector Company or any other Company
 Section 10(10CC) Income by way of tax on perks
 Section 10(10D) Any sum received under a life insurance policy
 Section 10(11) Payment from Statutory Provident Fund
 Section 10(12) Payment from Recognised Fund
 Section 10(13) Payment from Superannuation Fund
 Section 10(13A) House Rent Allowance (Read with Rule 2A)
 Section 10(14) Any Allowance given for meeting Business Expenditure
 Section 10(15) Interest Incomes
 Section 10(15A) Lease rental income of a foreign government or foreign enterprise from leasing of aircraft/aircraft engine to an Indian company
 Section 10(16) Scholarship
 Section 10(17) Allowance of M.P./M.L.A.Ior M.L.C
 Section 10(17A) Awards Instituted by Government
 Section 10(18) Pension received by certain winners of gallantry awards
 Section 10(19) Family pension received by family members of armed forces including para military forces
 Section 10(19A) Income from one palace of a former ruler
 Section 10(20) Income of a local authority
 Section 10(21) Income of scientific research association
 Section 10(22B) Income of a News Agency
 Section 10(23A) Income of some Professional Institutions
 Section (23AA) Exemption of Income Received by Regimental Fund
 Section 10(23AAA) Income of a Fund set-up for the welfare of employees or their dependents
 Section 10(23MB) Income of a pension fund set up by LIC or other insurer
 Section 10(23B) Income of Institutions established for development of Khadi and Village Industries
 Section 10(23BB) Income of State Level Khadi and Village Industries Board
 Section 10(23BBA) Income of certain Authorities set up to manage Religious and Charitable Institutions
 Section 10(23BBB) Income of European Economic Community
 Section 10(23BBC) Income of a SAARC Fund for regional projects
 Section 10(23BBE) Any income of Insurance Regulatory and Development Authority
 Section 10(23BBH) Income of Prasar Bharti (Inserted by the Finance Act 2012, w.e.f. 2013-14)
 Section 10(23C) Any income received by a person on behalf of following Funds
 Section 10(23D) Income of Mutual Fund
 Section 10(23DA) Exemption of income of a securitisation trust  [w.e.f. A.Y. 2014-15]
 Section 10(23EA) Income of Investor Protection Fund
 Section 10(23EB) Income of the Credit Guarantee Trust for Small Industries
 Section 10(23ED) Exemption of income of investor protection fund of depository [w.e.f. A.Y. 2014-15]
 Section 10(23EA) Income of Investor Protection Fund
 Section 10(23EB) Income of the Credit Guarantee Trust for Small Industries
 Section 10(23ED) Exemption of income of investor protection fund of depository [w.e.f. A.Y. 2014-15]
 Section 10 (23FB) Exemption for Certain Incomes of a Venture Capital Company or Venture Capital Fund from Certain Specified Business or Industries
 Section 10(24) Income of Registered Trade Unions
 Section 10(25) Income of Provident and Superannuation Funds
 Section 10 (25A) Income of Employee’s State Insurance Fund
 Section 10(26) and  10(26A)] Income of Schedule Tribe Members
 Section 10(26AAN) Income of Sikkimese individual (With retrospective effect from 1-4-1990)
 Section 10(26AAB) Regulating the marketing of agricultural produce
 Section 10(26B) Income of a corporation set-up for promoting the interests of Scheduled Castes, Scheduled Tribes or Backward Classes
 Section 10(26BB) Income of a corporation set-up to protect the interests of Minorities
 Section 10(26BBB) Any income of a corporation for ex-servicemen
 Section 10(27) Income of cooperative society looking after the interests of Scheduled Castes or Scheduled Tribes or Both
 Section 10(29A) Any income accruing or arising to Commodity Boards etc.
 Section 10(30) Amount received as subsidy from or through the Tea Board
 Section 10(31) Amount received as subsidy from or through the concerned Board
 Section 10(32) Income of child clubbed uls 64 (IA)
 Section 10(33) Income from transfer of capital assets of UTI
 Section 10(34) Income by way of dividend from Indian company
 Section 10 (34A) Exemption of income to a shareholder on buyback of shares of unlisted company [w.e.f. A.Y. 2014-15]
 Section 10(35) Income from units of UTI and other mutual funds
 Section 10(35A) Exemption of income from securitisation trust [w;e.f A.Y. 2014-15]
 Section 10(36) Income from sale of shares in certain cases
 Section 10(37) Capital Gain on compulsory acquisition of urban Agricultural Land
 Section 10(38) Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT)
 Section 10(39) Income from international Sporting event
 Section 10(40) Income received as grant by a subsidiary company
 Section 10(41) Income from transfer of asset of an undertaking engaged in the business of generation, transmission or distribution of power
 Section 10(42) Income of a body or authority set up by two countries
 Section 10(43) Reverse Mortgage
 Section 10(44) New Pension System Trust
 Section 10 (45) Exemption of Allowance or perquisite to chairman/member of UPSC
 Section 10(46) Exemption of ‘specified income’ of certain bodies or authorities
 Section 10(47) Exemption of Income of notified ‘Infrastructure debt fund
 Section 10 (48) Exemption of Income of a foreign company from sale of Crude Oil in India
 Section 10(49) Exemption of income of National Financial Holdings Company [w.e.f. A.Y. 2014-15]
Updated: April 18, 2018 — 5:46 am

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