7.3. Other Exemptions

Question 1

10(2)

Answer 1

10(2) income from HUF as a share from asset etc is exempt from member

10(2A) share in profit of firm

Question 2

10(4)

Answer 2

10(4)- for individual-> interest on money standing to his credit in NR (external) a/c (NRE a/c ) if it is approved by RBI

Question 3

10(10)

Answer 3

10(10BB)- Any person-> payment under Bhopal gas leak disaster, 1985 is exempt if the assessee has not claimed any deduction jn income tax for any loss or damage

10(10BC)- P’ment received by any individual or legal heir-> for compensation received from CG or SG or CA for any disaster (conditions as per 10(10BB))

Question 4

10(11)

Answer 4

10(11A)- any p’ment from a/c opened with sukanya samriddhi a/c rules 2014

Question 5

10(15)

Answer 5

Following int. Income is exempt

(1) post office savings bank int. Upto ₹ 3500 for individual & ₹ 7000 for joint a/c

(2) int. Payable by bond issued & notified by CG

Question 6

10(16)

Answer 6

10(16)- any scholarship received by individual granted by anybody to meet cpst of education

Question 7

10(17)

Answer 7

10(17)- for members of parliament or state legislature or committee- daily allowances & allowances as per MP rules, 1986, continuency allowances

10(17A)- to any assessee who receives award or reward on cash or kind-> given in public int. by CG, SG or body established by govt.

Question 8

10(18)

Answer 8

Pension received by employee or family member (after death of employee) from CG or SG if he is eligible employee

Eligible employee is who has received param vir Chakra (gallantry awards)

Question 9

10(26)

Answer 9

10(26)- Member of schedule tribe residing in
Nagaland
Manipur
Mizorum
Tripura
Arunachal pradesh
Ladakh
J&K

(i) income from source in that area
(ii) int. & div. (World)

10(26AAA)- A sikkimese individual-> Any income accruing from source of sikkim & World int.+ div.

However if sikkimese women marries on or after 1/4/08 to non sikkimese- non exemption

Question 10

10AA

Answer 10

10AA- Newly established units in SEZ

-> Period & deduction
1st 5 consecutive A.Y- 100% profit from export

-> for next 5 A.Y- 50% of profit from export

-> next 5 A.Y- 50% profit from export or amt trf to “SEZ Reinvestment allowance res” w.e. lower

Question 11

Profit from export=

Answer 11

Profiting business.
___________________ X Export T.o (actually
Total t.o of SEZ received)

Question 12

Export T.o & Total t.o shall not include

Answer 12

Freight
Telecommunication charges
Instant attribution o/s India
Expense In foreign exchange o/s India