What are Exempt Incomes and their types

Ask the Community Income Tax
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1

Hi,

What is Exempt and Taxable Incomes? What incomes come under each category?

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Hi @Manjunath

Any income earned which is not subject to income tax and be shown as expenditure and waived off during TDS calculation is called exempt income.

Govt. has given a list of income / expenditure that can be exempt if necessary proof shown.

But on the other hand taxable incomes are incomes that are taxed and not eligible to claimed as IT exemptions.

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