Section 10 Of Income Tax Act: Exemptions, Allowances & More

What is Section 10 of the Income Tax Act?

Section 10 under the IT Act is a provision that lists various types of incomes that are exempt from income tax in India. The section provides a list of incomes that are not of taxable nature for an individual or entity. These exemptions are provided to encourage certain activities or to provide relief to certain categories of taxpayers.

Some examples of income exempted under Section 10 of the Income Tax Act include agricultural income, income from gifts received from relatives, and income from scholarships, etc.

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What are the available Exemptions under Section 10?

Below is the list of exemptions available under Section 10 of the Income Tax Act:-

• Section 10(1) of Income Tax Act
  Section 10(1) of the IT Act provides for the exemption of agricultural income earned by a Hindu Undivided Family (HUF) or an individual from income tax. However, it should be noted that this exemption only applies to agricultural income and not to income earned from activities such as dairy farming, poultry farming, or any other animal husbandry activity.
  The term "agricultural income" is defined as income earned from agricultural land situated in India. This includes income from:
  1. Agriculture: Any process used for cultivating the land, including tilling, planting, and harvesting of crops.
  2. Rent or revenue derived from land: Any rent or revenue received from land that is used for agricultural purposes.
  3. Income from agricultural operations: Any income derived from processing the agricultural produce or raising and maintaining the agricultural produce.
• Section 10(2) of Income Tax Act
  As per Section 10(2) of the Income Tax Act, the amount received by any member of a Hindu Undivided Family (HUF) from the family income, or an impartible estate, out of the income of the family estate is exempt from income tax.
• Section 10(2 A) of Income Tax Act
  Section 10(2A) of the IT Act provides an exemption for the share of profits received by a partner from a partnership firm or a limited liability partnership (LLP). The exemption is applicable only to the share of profits received by the partner and does not extend to any other income earned by the partner, such as interest on capital or remuneration received from the firm or LLP.
• Section 10(4) of the Income Tax Act
  Section 10(4) pertains to the exemption of interest paid to non-residents on certain government securities, notified bonds, and deposits. Any interest income earned by Non resident on money standing in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Management Act, 1999 is exempt from tax.
• Section 10 (4B) of the Income Tax Act
  Section 10(4B) of the Income Tax Act provides an exemption for interest income earned on notified savings certificates issued by the government.
• Section 10 (4C) of the Income Tax Act
  Section 10(4C) of the IT Act provides an exemption for interest income earned by non-resident individuals or Foreign company on certain Rupee Denominated Bond issued outside India during the period 17-09-2018 to 31-03-2019
• Section 10 (4D) of the Income Tax Act
  Section 10(4D) of the Income Tax Act provides for an exemption from tax for specified funds in respect of income accrued or arisen or received by them which is attributable to a non-resident's holding (not being a permanent establishment in India) or the investment division of offshore banking unit. The exemption is allowed for certain incomes such as income from the transfer of securities, income from securities issued by a non-resident, and income from a securitization trust chargeable under the head 'Profits and gains from business or profession', among others.
  The term "specified fund" includes the Investment Division of an Offshore Banking Unit, which is a unit of a non-resident banking entity located in the International Financial Services Centre (IFSC) and having a registration certificate as a Category-I Foreign Portfolio Investor and an Alternative Investment Fund (AIF) established or incorporated in India as a trust, company, LLP or body corporate and granted a certificate of registration as Category-III AIF and located in an IFSC. All the units of such AIF must be held by non-residents except units held by sponsor or manager. Certain other conditions also need to be fulfilled to claim this exemption.
• Section 10 (4E)
  Section 10(4E) of the Income Tax Act provides an exemption from tax on income arising from the transfer of non-deliverable forward (NDF) contracts entered into by a person with an offshore banking unit (OBU) located in an International Financial Services Centre (IFSC).
  The exemption is available to any person who enters into NDF contracts with an OBU located in an IFSC, and the income arising from such contracts is deemed to accrue or arise outside India.
  It is important to note that this exemption is only applicable to income arising from NDF contracts and not to any other income received from an OBU in an IFSC.
• Section 10(4F) of the Income Tax Act
  Section 10(4F) of the Income Tax Act provides for exemption of royalty income received by a non-resident on account of leasing of aircraft or ship to an International Financial Services Centre (IFSC) unit if the unit is eligible for deduction under section 80LA and has commenced its operations on or before 31st March 2024. However, it is important to note that this exemption is available only in respect of the royalty income and not any other income arising from such leasing activity.
• Section 10(4G) of the Income Tax Act
  Section 10(4G) provides an exemption to any income received by a non-resident from a portfolio of securities, financial products, or funds managed or administered by any portfolio manager on behalf of such non-resident. The exemption is applicable only if the income arises in an account maintained with an offshore banking unit in any International Financial Services Centre. However, the exemption is limited to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. This provision was introduced to promote investment in India's financial sector and attract foreign investors to IFSCs in India.
• Section 10(4H)
  This section provides exemption to non-residents or IFSC units on transfer of shares of domestic companies engaged in aircraft leasing business in IFSC as referred to in Section 80LA(1A) subject to fulfillment of prescribed conditions.
• Section 10 (5) of Income Tax Act
  Section 10(5) of the Income Tax Act provides an exemption for Leave Travel Concession (LTC) received by an employee from their employer. This exemption encourages employees to travel within India and explore different parts of the country.
  The exemption is available to salaried individuals who receive LTC from their employer for themselves and their families. Family, in this context, includes the employee's spouse, children, parents, and dependent siblings.
  The exemption is available for travel expenses incurred on domestic travel in India. The exemption covers travel expenses for air, rail, and road transport, The exemption is limited to the actual amount incurred on travel, subject to certain conditions. For example, the exemption is available only if the employee undertakes the travel, and the exemption is limited to two journeys in a block of four years.
• Section 10(6)(ii) of the Income Tax Act
  Section 10(6)(ii) of the Income Tax Act provides an exemption from tax for the amount received by an individual who is not an Indian citizen, remuneration received by him as an official or staff member of a foreign embassy, high commission, legation, commission, consulate, or trade representative in India, provided that the corresponding Indian official in that foreign country enjoys a similar exemption. This exemption is granted to ensure parity in the treatment of officials of both countries and to promote friendly relations between them.
• Section 10 (6) (vi) (viii) of the Income Tax Act
  Under Section 10(6)(vi) of the Income Tax Act, the salary earned by a foreign employee of a foreign enterprise for services provided during their stay in India is exempt from tax if certain conditions are met. Similarly, under Section 10(6)(viii), salaries received by non-resident foreign nationals for services rendered on a foreign ship during their stay in India for less than 90 days in a year are also exempt from tax.
• Section 10(6)(xi) of the Income Tax Act
  The remuneration or payment received by a foreign trainee during the period of his stay in India for training in any establishment owned by the government, financed by the government, or established under a central or state act.
• Section 10(6)(A)
  Tax paid by the Indian government on behalf of a foreign company, earning income in the form of royalty for technical services, is exempt from tax for the foreign company.
• Section 10(6)(B)
  Tax paid by the central government on behalf of a foreign company or non-resident earning any income is exempt for the foreign company or non-resident.
• Section 10(6)(BB)
  Tax paid by an Indian company engaged in aircraft operations on behalf of a foreign entity having income from the lease of aircraft is exempt from tax for the foreign company.
• Section 10(6)(C)
  Notified foreign companies earning income using royalty or fees for technical services are exempt from tax.
• Section 10(6)(D)
  Income in the form of fees for technical services or royalty arising from the services rendered to NTRO by a non-resident is exempt from tax in India.
• Section 10(7)
  Allowance/perquisites to Government employees outside India by the Government to a citizen of India for rendering service outside India is exempt from tax.
• Section 10(8)
  Direct or indirect remuneration received by an individual from a foreign government for a cooperative technical assistance program is exempt from tax in India.
• Section 10(8)(A) and 10(8)(B)
  Under section 10(8A), any income earned by a consultant directly or indirectly under a technical assistance agreement and the income which accrues outside India is exempt from tax.
  Under section 10(8B), the employee of the consultant can receive a similar exemption if the employee is not a resident of India or not ordinarily resident in India.
• Section 10(9)
  The income of the family member of an employee serving under co-operative technical assistance programme in sections 10(8A) and 10(8B), arising outside India, is exempt from tax.
• Section 10(10)(i)
  Gratuity received by a government employee is exempt.
• Section 10(10)(ii)
  Exemption on gratuity for the employees covered under the Payment of gratuity act, 1972, is the least of the following -
  
  • 15 days salary x years of service
  • INR 20 lakhs
  • Actual gratuity received
• Section 10(10)(iii)
  Exemption on gratuity for the employees not covered under the Payment of gratuity act, 1972, is the least of the following -
  Exemption on gratuity for the employees not covered under the Payment of gratuity act, 1972, is the least of the following -
  
  • Half-month salary for every completed year (Average monthly salary x 0.5 x years of service)
  • INR 10 lakhs
  • Actual gratuity
• Section 10 (10A) of the Income Tax Act
  Section 10(10A) of the Income Tax Act provides an exemption from tax on commuted pensions received by a government employee.
• Section 10(10)(AA)
  Leave encashment received by a government employee is exempt. Leave encashment received by non-government employees will be the least of the following -
  
  • Earned leave to the employee’s credit x average monthly salary
  • 10 months average monthly salary
  • INR 3 lakhs
  • Actual amount received
• Section 10(10B)
  Money received at the time of retrenchment is exempt from tax. The amount least among these is exempt -
  
  • The amount calculated under section 25F(b)
  • INR 5 lakhs
  • Actual amount received
• Section 10(10BB)
  Compensation given to the victims of the Bhopal gas leak tragedy is exempt.
• Section 10(10BC)
  The amount received by the victims of a disaster or their legal heirs as compensation from the central or state government is exempt from tax.
• Section 10(10C)
  Money received on voluntary retirement or termination is exempt if a government employee receives money at the time of termination or voluntary retirement, and the maximum exemption amount is INR 5 lakh.
• Section 10(10CC)
  The value of perquisites is taxable in the hands of employees. However, tax paid by the employer on non-monetary perquisites is exempt in the employee’s hands.
• Section 10 (10D) Of the Income Tax Act
  Section 10(10D) provides an exemption from tax on the proceeds received from a life insurance policy, subject to certain conditions.
  Section 10(11) and Section 10(12) of the Income Tax Act both provide for tax exemptions on the amount received by employees from their Provident Fund accounts. However, there are some distinctions between the two sections.
• Section 10(11) Payment from Statutory Provident Fund
  Employer’s contribution to such a fund is not treated as income of the employee also interest credited to such a fund is exempt in the hands of the employee.At the time of termination of service, Lump sum amount received from such fund is exempt in the hands of employees
• Section 10(12) Payment from Recognised Provident Fund
  Employer’s contribution to such fund, up to 12% of salary is not treated as income of the employee also Interest credited to such fund up to 9.5% per annum is exempt in the hands of the employee, interest in excess of 9.5% is charged to tax in the hands of the employee.If certain conditions are satisfied, then lump sum amount received from such fund, at the time of termination of service, is exempt in the hands of employees.
• Section 10(11A) Payment from Sukanya Samriddhi Account.
  Any payment from an account opened in accordance with the Sukanya Samriddhi Account is exempt from tax. In other words, interest and withdrawals from such an account will be exempt from tax.
• Section 10(12A)
  40% of the total amount payable at the time of account closing or opting out of the NPS scheme is exempt from tax. With effect from April 01, 2020, 60 % of the amount payable shall be exempt from tax
• Section 10(12B)
  A partial withdrawal from the National Pension Trust not exceeding 25% of the total contribution made is exempt from tax.
• Section 10(13)
  Employer’s contribution to approved superannuation fund up to 1,50,000 is exempt Payments from the fund are exempt in the case of death, commutation of the annuity on his retirement, Payment by way of refund of contributions, refund of employee’s contributions on leaving the service, or payment by transfer to his account under a pension scheme referred to in section 80CCD.
• Section 10 (13A) of the Income Tax Act
  . Section 10(13A) provides an exemption for House Rent Allowance (HRA) received by an individual who is a salaried employee. This exemption is provided to alleviate the tax burden on rent paid by salaried individuals who live in rented accommodations.
  The exemption is available if the employee receives HRA as part of their salary and pays rent for a residential accommodation. The exemption is limited to the minimum of the following amounts:
  
  1. The actual amount of HRA received by the employee from their employer
  2. The actual rent paid by the employee minus 10% of their salary
  3. 50% of the employee's salary if they live in a metro city, or 40% of their salary if they live in a non-metro city.
  The term "salary" for this purpose includes basic salary, dearness allowance, and any other commissions or bonuses received by the employee.
  Also, the exemption under Section 10(13A) is not available to self-employed individuals, and the employee must have incurred the expenditure on rent to claim the exemption. Additionally, if the employee owns a residential property in the same city where they work, they cannot claim the HRA exemption for rent paid.
• Section 10 (14) of the Income Tax Act
  Section 10(14) of the Income Tax Act provides an exemption for certain allowances an employee receives. The allowances covered under this section are:-
  
  • Travel allowance
  • Daily allowance
  • Helper allowance
  • Uniform allowance
  • Children’s education allowance
  Also, the exemption under Section 10(14) is subject to certain conditions and limitations, and the limits for exemption may change from time to time based on the updates in the law.
  Section 10(14) of the Income Tax Act covers the food allowance. According to this section, any allowance granted by an employer to their employee for the purpose of meeting their daily expenses on food during working hours is exempt from income tax.
• Section 10(15)
  Section 10(15) of the IT act lists the interest incomes exempt under various subsections.
• Section 10(15A)
  Lease rent of an aircraft or an aircraft engine paid to a foreign Government or to a foreign enterprise by an Indian company, engaged in the business of operation of aircraft is not taxable in the hands of such foreign Government or non-resident concern subject to condition satisfied.
• Section 10(16)
  Any amount received as an educational scholarship is exempt in the recipient’s hands.
• Section 10(17)
  Daily allowance received by an MP or a member of the state legislature, another expenditure received by an MP, or any constituency received by a Member of the State legislature is exempt from tax.
• Section 10(17A)
  Any amount received as an award in the public interest or a reward by the Central or State government.
• Section 10(18)
  Pension received by an individual who has received a gallantry award is exempt from tax.
• Section 10(19)
  Any family pension received by a member of the armed forces or their family members is exempt from tax in the family member’s hands.
• Section 10(19A)
  The annual value of one palace in possession of a former ruler is exempt.
• Section 10(20) Income of local authority
  Income from these sources is exempt from tax -
  
  • Income under house property, capital gains, and other sources.
  • Income arising from the supply of a commodity or service.
  • Earnings from the business of supply of electricity or water.
• Section 10(21)
  Income from research association approved under section 35(1) is exempt if below condition satisfied:-
  
  • Income is used for fulfilling its core objectives
  • Funds should not be deposited or invested in the previous year otherwise than in any one or more of the forms/modes specified in section 11(5).
• Section 10(22B)
  Income of a news agency made for the purpose of distribution and collection of news is exempt from tax. However, no exemption shall be available w.e.f. Assessment Year 2024-25
• Section 10(23A)
  Income received by an association or professional institution is exempt from tax if it is established in India for supervising the profession of law, engineering, accountancy, medicine, and architecture. The income should be used for fulfilling its primary objectives and should be approved by the Central government.
• Section 10(23AA)
  Any income received on behalf of a public fund or a non-regimental fund established by the armed forces is exempt.
• Section 10(23AAA)
  Income received from an approved fund that is made for the welfare of employees and for such purpose as may be notified by the Board in Official Gazette,of which the employees are members, is exempt.
• Section 10(23AAB)
  Any income of a fund set-up by the Life Insurance Corporation of India or any other insurer to which contribution is made by any person for receiving pension from such fund, and fund approved by the Controller of Insurance or the Insurance Regulatory and Development Authority, is exempt from tax.
• Section 10(23B)
  Any income earned by a charitable organization made to develop village and khadi industries is exempt.
• Section 10(23BB)
  Income received by Khadi and the village industries board is exempt.
• Section 10(23BBB)
  Any interest, dividend, or capital gain of the European Economic Community derived in India, from investments made out of its funds under a notified scheme is exempt under section 10(23BBB).
• Section 10(23BBC)
  Income earned by the SAARC fund for regional projects is exempt from tax.
• Section 10(23BBD)
  Earnings of the Secretariat of the Asian Organization of Supreme Audit Institutions is exempt for the A.Y. 2001-02 to 2010-11
• Section 10(23BBE)
  Earnings of IRDAI established under section 3(1) are exempt from tax.
• Section 10(23BBG)
  The income of the Central Electricity Regulatory Commission after A.Y. 2008-09 is exempt.
• Section 10(23BBH)
  Earnings of Prasar Bharati, established under the Prasar Bharati Act, 1990, is exempt from tax under section 10(23BBH).
• Section 10(23C) of Income Tax Act
  Section 10(23C) of the IT Act provides an exemption from tax for the income received by certain educational and medical institutions. This exemption is available to institutions that meet certain criteria and are for charitable purposes and approved by the government.
• Section 10(23D)
  Any income from the mutual fund registered under SEBI or set up by a public sector bank is exempt from income tax.
• Section 10(23DA)
  Any income earned by a securitization trust by way of securitization is not taxable.
• Section 10(23EA)
  Any income in the form of contributions received from recognized stock exchanges and the members of an investor protection fund is exempt. However, if any amount is shared with a recognized stock exchange, it becomes taxable.
• Section 10(23EB)
  Income received by the credit guarantee fund trust, which is created by SIDBI and the Government of India, is exempt from income tax for 5 years from 2002-03 to 2006-07
• Section 10(23EC)
  Income of the notified investor protection fund set-up by commodity exchange
  Contributions received from commodity exchanges are exempt from tax. However, the amount present at the credit of the fund and shared with the recognized commodities exchange is taxable.
• Section 10(23ED)
  Income of Investor Protection Fund set by a depository
  Contributions received in the Investor Protection Fund are exempt from tax. However, if such an amount is transferred to a depository, it is chargeable to income tax.
• Section 10(23EE)
  The specified income of a core settlement guarantee fund that is set up by a clearing corporation is provided exemption from tax under this section. It should be checked that where any amount standing to the credit of the Fund and not charged to income-tax is shared with the specified person,the amount so shared shall be deemed to be the income and shall be chargeable to income-tax.
• Section 10(23FB)
  Earnings of a venture capital fund from investing in a venture capital undertaking is not taxable from the A.Y. 2001-02 subject to satisfaction of conditions specified in section 10(23FB).
• Section 10(23FBA)
  Any income received by an investment fund except those chargeable under ‘Income from business and professions’ is exempted from tax under this section.
• Section 10(23FBC)
  Any income received by a unit holder from a specified fund or on transfer of units in a specified fund is exempt from tax.
• Section 10(23FC)
  Any income of a business trust by way of Interest or dividend received or receivable from a special purpose vehicle is exempt under this section.
• Section 10(23FCA)
  Renting or leasing income of a real estate investment trust by renting any real estate asset is exempted from tax.
• Section 10(23FE)
  Any income of a specified person received in the form of interest, dividend, or capital gains from an investment in India is exempt if specified conditions are fulfilled by the specified entity as stated under section 10(23FE)
• Section 10(23FF)
  Capital gains arising from transferring the share of an Indian company by a non-resident/ specified fund are exempt from tax to the extent attributable to units held by non-resident
• Section 10 (23FD)
  Any distributed income received by a unit holder from the business trust, other than income which is referred to in sub-clause (a) of clause (23FC) or clause (23FCA) of section 10, is exempt from tax.
• Section 10(24)
  Income under 'income from house property’ or ‘income from other sources formed for regulating the relation between employer and workmen and workmen and workmen is not taxable.
• Section 10(25)
  Interest and capital gains on securities held by a statutory provident fund, income received by the trustee on behalf of a recognized provident fund, and income of the board of trustees on behalf of a deposit-linked insurance fund is exempt from tax.
• Section 10(25A)
  Any income earned by the employees' state insurance fund is exempt from income tax.
• Section 10 (26) of the Income Tax Act
  Section 10(26) of the IT Act provides an exemption for income received by members of certain specified categories of individuals who are considered as Scheduled Tribes (ST). Any income received by a member of a Scheduled Tribe is exempt from income tax if they live in certain specified areas. These specified areas include the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and the areas falling within the Ladakh region of the state of Jammu and Kashmir. Such exemption is available of income which earned or received from any source in such areas or income by way of dividends/interest on securities arises from any area
• Section 10 (26AAA) of the Income Tax Act
  Section 10(26AAA) covers the Sikkimese individuals earning either in Sikkim or earning through dividends or interest on securities in any area.
• Section 10(26AAB)
  Any income earned by the agricultural produce marketing committee for regulating the marketing of agricultural produce is exempt from tax.
• Section 10(26B)
  Any income of a corporation established by a Central, State or Provincial Act or of any other body, institution or association wholly financed by the Government for promoting the interests of the members of the Scheduled Castes/Tribes/backward classes is exempt from tax under section 10(26B).
• Section 10(26BB)
  Any income of a corporation established for the welfare of a minority community is exempt from tax.
• Section 10(26BBB)
  Any income of a statutory corporation established to uplift ex-servicemen from the assessment year 2004-05 is exempt.
• Section 10(27)
  Income earned by a cooperative society for the benefit of SCs and STs is not taxable. An exemption is available only if the cooperative society is government funded and its membership consists only of other cooperative societies.
• Section 10(29A)
  Income earned by the tea board, coffee board, rubber board, tobacco board, agricultural and processed food products, export development authority, coir board, spices board, and marine products export development authority is exempt from tax.
• Section 10(30)
  Any subsidy received by a person who carries on business of growing and manufacturing of tea in India from the tea board for rejuvenating the cultivation area, replacing, or replanting tea bushes is not charged to income tax.
• Section 10(32)
  If the income of an assessee includes the income of his/her minor child, an exemption of the least of the following can be claimed -
  1500 per minor child or the income of each minor child that has been clubbed.
• Section 10(33)
  Any capital gains from the transfer of units of the unit scheme, 1964, that takes place after 1.04.2002 are exempt from tax.
• Section 10(34A)
  Any income arising to shareholders from the buyback of shares is exempt from tax. This exemption is available only in those cases where additional income-tax is payable on distributed income under section 115QA by the company opting for buy back of such shares.
• Section 10(34B)
  The Finance Act 2023 has introduced a new clause (34B) in Section 10, which will come into effect from the assessment year 2024-25. This exempts dividend income earned by an IFSC unit primarily engaged in aircraft leasing business. However, the exemption is subject to the condition that the company paying the dividend should also be an IFSC unit and engaged in the aircraft leasing business
• Section 10(35)
  Section 10(35) of the IT Act provides an exemption from tax on any income gained from the sale of specified mutual fund units.
• Section 10(37) of Income Tax Act
  This clause provides an exemption from tax on capital gain arising on transfer by way of compulsory acquisition of agricultural land situated in an urban area subject to that compensation is received on or after April 1, 2004. This exemption is available if the land was used by the taxpayer or by his parents for agricultural purposes for a period of 2 years or more immediately before the date of its transfer.
• Section 10(37A)
  This Section Provides exemption in respect of capital gain arising on transfer of specified capital asset by an Individual or HUF under the land pooling scheme of the Andhra Pradesh Government subject to fulfillment of certain conditions.
• Section 10 (38) of the Income Tax Act
  Section 10(38) of the IT Law provides an exemption from tax on LTCG arising from the sale of equity shares or units of equity-oriented mutual funds where securities transaction tax paid at the time of transfer
  No exemption under section 10(38) is available from Assessment Year 2019-20. The long-term capital gains arising from sale of listed securities in excess of Rs. 1 lakh is taxable at the rate of 10% under Section 112A (subject to certain conditions).
• Section 10(39)
  Any income of a notified person earned from an international sporting event in India from 2006-07 is not chargeable to income tax.The event should be approved by the international body and notified by the Central Government and has participation by more than two countries.
• Section 10(40)
  Grant received by a subsidiary from its Indian holding company engaged in the business of generation/ transmission/distribution of power for revival or reconstruction of existing power business is not chargeable to income tax.
• Section 10(42)
  Any specified income of a non-profit body or authority notified by the Central Government and formed under a multilateral treaty agreement to which the Central Government is a signatory is exempt from tax.
• Section 10(43)
  Any amount received as a loan in a transaction related to a reverse mortgage is exempt from tax.
• Section 10(44)
  Income received for the New pension system trust which was established on 27/02/2008, will be exempt from Income tax.
• Section 10(46)
  Income of a trust established by the government for benefitting the general public and does not perform any commercial activities and is notified by the Central Government in the Official Gazette is exempt from income tax under this section.
• Section 10(47)
  Earnings of a notified infrastructure debt fund set-up under rule 2F is exempt.
• Section 10(48)
  Income received by a foreign company in India in Indian currency from the sale of crude oil is exempt from tax if the central government approves the income, is of national interest, and the foreign company does not perform any activity in India except the receipt of income.
• Section 10(48A)
  Income of a foreign company arising from the storage of crude oil in an Indian facility which is then sold to an Indian resident is exempt provided it is in the national interest and is according to an agreement made with the central government.
• Section 10(48B)
  The income of a foreign company arising from the sale of leftover inventory of crude oil from an Indian facility is not chargeable to tax.
• Section 10(48D)
  Earnings of an institution established for providing finance for infrastructure development do not attract tax under this section. This exemption is available for 10 consecutive years from the assessment year in which the institution is set up
• Section 10(48E)
  Income of a DFI licensed by RBI is exempt from tax for 5 consecutive years from the year in which it is established.
• Section 10(49)
  Earnings of the National Financial Holdings Company limited, which is set-up by the Central Government for any AY starting before 1st April 2014, is exempt from income tax.
• Section 10(50)
  Earnings from specified services or e-commerce supply or services provided on or after 1-04-2020 that attract equalization levy do not attract IncomeTax.

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