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Section 10 of Income Tax Act – Incomes not included in total income

Detail analysis of the provisions of Section 10 of Income-tax Act 1961 amended by Finance Act 2018. Earn Incomes which are not included in total income.

Section 10 of Income tax Act has listed the incomes which are not included in total income. That means these incomes are not taxable and you have not to pay any tax on that income.

Chapter III (Sections 10-13B) of Income Tax Act, 1961 deals with provisions related to incomes which do not form part of total income. In this article we shall discuss the provisions of Section 10 of Income Tax Act 1961 as amended by the Finance Act 2018.

List of Incomes not included in total income of Taxpayers

Know detail about all incomes which are not included in your taxable income. Following are the list of incomes which are fully exempted from income tax:

In computing the total income of a previous year (2017-2018) of any person, any income falling within any of the following clauses shall not be included—

Agricultural income [Section 10(1)]:

Agricultural incomes are excluded from taxable income of assessee. However, agricultural incomes are considered for the purposes of computing advance tax for specified class of assessees.

Income of HUF [Section 10(2)]:

If you have received your share of incomes as a member of a Hindu Undivided Family (HUF) then, such income shall not be part of your total income.

However, if you have transfer your property to HUF otherwise than for adequate consideration then the income derived from the converted property or any part thereof shall be deemed to arise to you and not to the family i.e. HUF. You may refer the provisions of section 64(2) of the Income-tax Act.

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