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Any income earned which is not subject to income tax is called exempt income. As per Section 10 of the Income Tax Act, 1961, there are certain types of income which will be subjected to income tax within a financial year, provided they meet certain guidelines and conditions.
Following are the types of income that are exempt from tax-
Mentioned below is the list of income exempt from tax specific to Section 10:
You can declare exempt income while filing for income tax every financial year.
For salary account holders, you need to make a disclosure of exempt income under Schedule S - Details of Income from Salary’ while filing income tax as per ITR-2. The various exemptions are:
For self-employed or non-salary account holders, there are certain incomes categorized under exempt income. They include dividends, agricultural income, interest on funds, capital gains which has to be disclosed under Schedule EI while filing income tax as per ITR-1.
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