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Diffrence between...exempt and non taxable income

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 July 2013 please explain the difference between exempt and non taxable income ?


with examples on PPF interest agriculture income bond interest etc etc...
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 July 2013 exempt income means by virtue of law its never included in gross taxable incme.

eg share of profits rec by partner under sec10(2).

non taxable income means they are taxable but by way of deduction or notification are not taxed though first included in GTI and then deducted.

hope now ur clear.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 July 2013 thanks for your quick reply but can you please tell whether interest on PPF and agriculture income and dividend income and interest on tax free bond is non taxable or exempt.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
14 July 2013 Int on PPF,AGRICULTURAL income & others u mentioned are exempt income u/s 10 under respective clause.
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