Incomes not taxable in India

Описание: Income is not taxable in India

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Yes, there are several other exemptions from income tax in India, apart from gifts received during marriage and those mentioned earlier. Here are some common exemptions:

1. House Rent Allowance (HRA):
• Exemption on the rent allowance provided by employers to employees, subject to certain conditions.
2. Leave Travel Allowance (LTA):
• Exemption for expenses incurred on travel within India for employees and their families, subject to specific rules.
3. Gratuity:
• Exemption on gratuity received by employees upon retirement or termination, subject to certain limits.
4. Commutation of Pension:
• Exemption on the commuted portion of pension received by employees, subject to certain limits and conditions.
5. Retirement Benefits:
• Exemption on certain retirement benefits like provident fund withdrawals, subject to specified conditions.
6. Agricultural Income:
• Exemption on income from agricultural activities, which is not considered for income tax purposes.
7. Interest on Savings Bank Account:
• Exemption on interest earned on savings bank accounts up to a certain limit, as specified under Section 80TTA.
8. Scholarships and Fellowships:
• Exemption on scholarships and fellowships granted to meet the cost of education, subject to certain conditions.
9. Income of Certain Bodies and Institutions:
• Exemption on the income of entities like religious trusts, educational institutions, and charitable organizations, subject to specified conditions.
10. Certain Investments:
• Exemption on the interest earned on government securities, bonds, and certain specified investments under various sections of the Income Tax Act.
11. Special Economic Zones (SEZs):
• Exemption on income generated by units located in SEZs, subject to certain conditions and timeframes.
12. Certain Allowances and Perquisites:
• Exemption on allowances like children education allowance, hostel allowance, conveyance allowance, etc., under specified limits and conditions.

These exemptions are provided under various sections of the Income Tax Act, 1961, and are subject to specific conditions and limits. It’s essential to understand the relevant provisions and consult with a tax professional for accurate guidance on availing these exemptions.#exempted income kya hai
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