Understanding of Exempted Income

by Ram Dutt Sharma

Chapter
1. Introduction	1
2. Incomes not included in Total Income [Section 11]{Corresponding to Section 10 of the Income Tax Act, 1961}	7
3. Agricultural Income [Schedule II - Table S. No. 1]{Corresponding to Section 10(1) of the Income Tax Act, 1961}	24
4. Any sum received under a life Insurance Policy, (not being a key-man Insurance Policy) [Schedule II - Table S. No. 2]{Corresponding to Section 10(10D) of the Income Tax Act, 1961}	40
5. Payment from Statutory Provident Fund [Schedule II - Table S. No. 3]{Corresponding to Section 10(11) of the Income Tax Act, 1961}	61
6. Accumulated balance paid from a Recognized Provident Fund (RPF) to an Employee [Schedule II - Table S. No. 4]{Corresponding to Section 10(12) of the Income Tax Act, 1961}	68
7. Payment from Sukanya Samriddhi Account[Schedule II - Table S. No. 5]{Corresponding to Section 10(11A) of the Income Tax Act, 1961}	72
8. Payment from the National Pension System Trust to an Employee[Schedule II - Table S. No. 6]{Corresponding to Section 10(12A) of the Income Tax Act, 1961}	77
9. Payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme, or to his nominee [Schedule II - Table S. No. 7]{Corresponding to Section 10(12C) of the Income Tax Act, 1961}	80
10. Payment from an approved Superannuation Fund [Schedule II - Table S. No. 8]{Corresponding to Section 10(13) of the Income Tax Act, 1961}	84
11. Scholarships granted to meet the Cost of Education[Schedule II - Table S. No. 9]{Corresponding to Section 10(16) of the Income Tax Act, 1961}	94
12. Payment made, whether in cash or in kind for any Award or Reward[Schedule II - Table S. No. 10]{Corresponding to Section 10(17A) of the Income Tax Act, 1961}	105
13. Income by way ofInterest, Premium on Redemption or other Payment on Securities, Bonds,Annuity Certificates, etc. [Schedule II - Table S. No. 11]{Corresponding to Section 10(15)(i) of the Income Tax Act, 1961}	118
14. Interest on Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by Central Government [Schedule II - Table S. No. 12]{Corresponding to Section 10(15)(vi) of the Income Tax Act, 1961}	121
15. Interest on bonds issued by a local authority or by a State Pooled Finance Entity [Schedule II - Table S. No. 13]{Corresponding to Section 10(15)(vii) of the Income Tax Act, 1961}	122

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

View other books from Income Tax