Exempted incomes of gallanty awared paramveer chakra holders

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RAJEEV KUMAR AGRAWAL (Querist)
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17 September 2014 please tell about PARAM VEEER CHAKRA warded army persons exempted incomes, pention, family pention, petol pump awarded to family of victim.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 Pension / Family Pension received by personnel who have been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry awards are exempted from Income Tax on their pension under Section 10 (18) of Income Tax Act.

However, any business income from petrol pump etc wont be exempted

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 September 2014 petrol pump income taxable as income from business and other income exempted u/s 10(18)

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Exempted incomes of gallanty awared paramveer chakra holders

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