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Trading and Investment Terms

Tax Exempt Income

Non-taxable income is known as Tax-exempt income


Income is defined as cash payments, services, or exchanges of property. 

For taxation, income is divided into two broad categories; 

  • Taxable 
  • Nontaxable income

Income from some types of investments, like muni bonds, qualify as exempt income.


Any income that an individual acquires or earns during a financial year that is deemed to be non-taxable is referred to as ‘Exempt Income’. 


Exempt income comes in many forms such as 

  1. Interest received through agricultural means
  2. Interest received through PPF
  3. Long term capital gains are earned through shares and stocks.

Types of Exempt Income

Following are the types of income that are exempt from tax-

  1. House Rent Allowance.
  2. Allowance on transportation, children’s education, subsidy on hostel fees.
  3. Exemption on Housing Loan.
  4. Income is defined as per Section 10, Section 54 of the Income Tax Act, 1961.
  5. Leave and Travel Allowance.


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