Regarding tax free income

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Waquar Ahmad (Querist)
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15 February 2012 Dear Sir/Madam,

Please give the full detail regarding tax free Income.
The income which are exempt in the income tax & limit of income exempt
Is the income exempt is exempt in Bihar Sales Tax.

Will be waiting for the reply.

Thanks & Regards
Waquar Ahmad Afaque

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 February 2012 For income exempt under Income Tax Act , you have to study Section 10 and all its sub sections.

I am giving you a link for a pdf file
-http://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_03.pdf
.
Sales Tax Acts are state-wise and tax is levied on sale purchase and works contract transactions.

.
These are different from the Income Tax Act .
So it is not correct to conclude that Income exempt under IT may be exempt under any of the state sales tax acts.
.
Income Tax Act is applicable to Bihar also and under this Act exemption is allowable
as it is allowable in rest of India.

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