FOR IPCC(TAX) Section Provisions

FOR IPCC(TAX)

Section Provision

Sec. 10(10BC) Amount from Central Govt. (CG)/State Govt. (SG)/Local authority by way of
compensation on account of any disaster.

Sec. 10D Sum received under LIC policy including bonus Exceptions:
(a) Policy under Sec. 80DD
(b) Key-man Insurance Policy
(c) Policy where premium > 20% or 10% of sum insured (on Death is exempt)

Sec. 10(16) Scholarship to meet cost of education.

Sec. 10(17) Member of Parliament (MP): Daily Allowances & Other Allowances.

Member of Legislative Assembly (MLA): Daily Allowance & Constituency
Allowance.

Sec. 10(17A) Payment in Cash or Kind
For award in public interest by CG/SG/body approved by CG.
For reward by CG/SG for purpose approved by CG.

Sec. 10(18) Pension received by Individual or Family Pension by family member if
Individual awarded Vir Chakra or Mahavir Chakra or Param Vir Chakra or
other notified gallantry awards.

Sec. 10(19) Family pension received by widow /heir on death of member of armed forces
during duty.

Sec. 10(19A) Annual value of one palace of an ex ruler provided such annual value exempt
before 28.12.1971.

Sec. 10(20) The following incomes of Local authority
House property, capital gains, other sources & trade/business income
from supply of:
water or electricity within or outside its jurisdictional area
any other commodity or service within own jurisdictional area.

Sec. 10(20B) Income of specified news agency set up in India solely for collection &
distribution of news, provided does not distribute its income to its members.

Sec. 10(20C) Income of professional associations/institutions Exception:
Income from house property, Investment Incomes
Income from specific services to its member.

Sec. 10(23C) Income of certain institutions like
Prime Minister national relief fund
National foundation for communal harmony
Educational institutions not for profit
Hospital treating specified ailments not for profit
Fund or institutions for charitable purposes, having importance
throughout India/States.

Sec. 10(23FB) Any income of venture capital company or venture capital fund from
investment in venture capital undertaking.

Sec. 10(24) House proper income & Income from other sources arising to a registered
trade union

Sec. 10(39) Income arising from any International sporting event held in India if such event
is
approved by international body regulating such sport
has participation by more than two countries & is notified by CG for this..