List of Income Exempt from Tax – I

  • Agricultural income. But, this income has to be considered for determining the rate of tax applicable to the other income.
  • Any sum received by an individual as a member of a Hindu undivided family (HUF) out of the income of the family or out of the income of the impartible estate of the family.
  • Share of profit of a person in the total income of the firm, which is separately assessed and where he is a partner.
  • In the case of an individual who is non-resident any income by way of interest from specified securities or bonds, including income by way of premium on the redemption of such bonds.
  • Any interest received by an individual on moneys standing to his credit in Non-resident (External) Account maintained by him with any bank in India in accordance with the Foreign Exchange Regulation Act, 1973.
  • In case of a non-resident individual being a citizen of India or a person of India origin, any interest from notified Savings Certificates received, provided that the certificates have been subscribed to in convertible foreign exchange remitted from outside India in accordance with the provisions of Foreign Exchange Regulation Act.
  • Value of any travel concession or assistance received by him or due to an individual
  • Any remuneration received by a foreign citizen as an official of an embassy, high commission, legation, commission, consulate or the trade representation of a foreign State, or as a member of the staff of any of these officials will be exempt from tax if corresponding Indian official in that foreign country enjoys a similar exemption.
  • Remuneration received by a foreign citizen as an employee of a foreign enterprise for services rendered by him during his stay in India, provided the foreign enterprise is not engaged in any trade or business in India, his stay in India does not exceed ninety days in such previous year and such remuneration is not liable to be deducted from the income of the employer chargeable under the Income Tax Act, 1961.
  • Any income by way of salary chargeable under the head ‘Salaries’ received by or due to any such individual being a non-resident foreign citizen as a member of ships’ crew provided his total stay in India in that previous year does not exceed 90 days.

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