Any income earned by an individual during a financial year that is tax-free is termed as ‘Exempt Income’. Section 10 of the Income Tax Act allows the taxpayers to take exemptions for specific incomes if they fulfil the conditions outlined in the Income Tax Act. Exempt income comes in many forms, such as interest received through PPF, agricultural income, etc. This video will cover the most common incomes on which exemption is allowed under Section 10.
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Timestamps
00:00 Introduction
00.32 House Rent Allowance (HRA)
01.18 Agricultural Income
02.10 Leave Travel Concession (LTC)
02.54 Gratuity
03.46 Pension
04.28 Leave Encashment
04.55 Life Insurance Policy (LIC)
05.57 National Pension Scheme
06.41 Provident Fund
08.15 Family pension received by the family members of armed forces
08.43 Conclusion
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