Diffrence between...exempt and non taxable income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2013
please explain the difference between exempt and non taxable income ?
with examples on PPF interest agriculture income bond interest etc etc...
with examples on PPF interest agriculture income bond interest etc etc...
13 July 2013
exempt income means by virtue of law its never included in gross taxable incme.
eg share of profits rec by partner under sec10(2).
non taxable income means they are taxable but by way of deduction or notification are not taxed though first included in GTI and then deducted.
hope now ur clear.
eg share of profits rec by partner under sec10(2).
non taxable income means they are taxable but by way of deduction or notification are not taxed though first included in GTI and then deducted.
hope now ur clear.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 July 2013
thanks for your quick reply but can you please tell whether interest on PPF and agriculture income and dividend income and interest on tax free bond is non taxable or exempt.
14 July 2013
Int on PPF,AGRICULTURAL income & others u mentioned are exempt income u/s 10 under respective clause.
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