by priyanka roshan | july 11, 2024
Income earned from agricultural activities is exempt from income tax under Section 10(1) of the Income Tax Act.
Interest earned up to ₹10,000 annually from savings accounts is tax-exempt under Section 80TTA.
Gains from equity investments held for over one year, subject to Securities Transaction Tax (STT), are exempt under Section 10(38).
Dividends received from domestic companies are tax-free for the recipient under Section 10(34).
Grants provided for educational purposes are tax-exempt under Section 10(16).
Gratuity received by employees as per the Payment of Gratuity Act is partially exempt based on service tenure.
Leave encashment received by government employees at retirement is exempt under specified conditions.
Maturity benefits and death proceeds from life insurance policies are tax-free under Section 10(10D).
Gifts received from specified relatives or on occasions like marriage are tax-exempt under Section 56(2).