22 November 2009
Please go through the Income Tax Act. Section 10 is very vast & it's each sub section in itself hold it's importance. All the sub sections relates to some type of exemption but exemtion doesn't mean that whole income stated therein is exempted. BUT procedure to calculate exempted amount is stated in these sub sections. However, most of the income stated in Sec 10 are fully exempted.
03 January 2010
Rishab is right, there are exemption in sub section partly or wholly, but terms are defined for avail the exemption, so before making any deduction, you must see the privision.
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