WebAs per Section 10(10CC) of the Income-tax Act, 1961, any tax borne by employers on a non-monetary benefit is exempt from tax in the hands of employees. Such tax is not eligible for corporate tax deduction. WebSection 15 - Salaries - Income-tax Act, 1961; Section 10(1) to 10(10D) - Incomes not included in total income [Clause (1) to Clause (10D)] - Income-tax Act, 1961; Rule 21A - Relief when salary is paid in arrears or in advance, etc. - Income-tax Rules, 1962; Note:- Example:-X retires from B Ltd. on 31st July, 2014. He gets pension of ₹ 1,000 ...
Understanding Section 10 (10) of the Income Tax Act: Gratuity ...
WebIn case of employees covered by Payment of Gratuity Act, {Section 10 (10) (ii))} an amount equal to the least of the following will be exempt from tax: 15/26 x Salary last drawn x No. of completed years of service or part thereof in excess of 6 months. 20,00,000 [Amended dated 29.03.2024] Gratuity ..... x x x x x Extracts x x x x x WebApr 11, 2024 · Similarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section 80CCD(2) of the Income Tax Act. little bird photography props
16.5 Disclosures of income tax related income statement …
WebSection 10 of the Income Tax Act allows a list of exemptions which are available to tax-payers, both salaried as well as non-salaried individuals. You can claim an exemption under Section 10 for different types of incomes that you earn in a financial year. Section 10 … WebJan 19, 2024 · Section 10 of the Income Tax Act defines income/allowances that are not part of the main income of an individual. These incomes are exempted from taxation as per the provisions laid down in Section 10. The tax law also deals with special allowances … WebNov 10, 2024 · Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also known as exempted income. In this article, we have covered each … little bird photography hawaii