Exempt Income
Definition
Income that is fully exempt from income tax under specific provisions of the Income Tax Act.
In Context
Examples: Leave Travel Allowance (LTA), gratuity (up to ₹20L for private sector), agricultural income, PPF maturity proceeds, EPF withdrawal after 5 years, life insurance maturity (Section 10(10D)).
Related Terms
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⚠️ Disclaimer: This glossary is for educational purposes. Simplify Money provides analytical insights and guidance. We have applied for SEBI RIA registration.