So, let’s understand the list of various exemptions under Section 10 of the Income Tax Act, 1961 – Thus, different subsections of Section 10 allow different types of exemptions for different types of assessees. Individuals, salaried as well as non-salaried.These exemptions can be claimed by the following types of assessees. Section 10 contains various subsections which allow exemptions on different types of incomes. You can claim an exemption under Section 10 for different types of incomes that you earn in a financial year. Section 10 of the Income Tax Act allows a list of exemptions which are available to tax-payers, both salaried as well as non-salaried individuals. There are different types of income tax exemptions which you can claim.
As such, the exempted income is not added to your gross total income which reduces your tax liability. These exemptions allow specific incomes to be tax-free in nature. Though the income earned is taxable, the Act also allows for different types of exemptions which help you in lowering your taxable income. That is why the income that you generate in a financial year from all possible sources is taxed at specified tax rates. The Income Tax Act, 1961 specifies that every individual who earns an income in India should pay income tax on such income earned.