Exempt Incomes

Tax Glossary Definition

Exempt Incomes

Exempt incomes are types of income that are not chargeable to tax under the Income Tax Act. These exemptions are provided to offer tax relief, promote savings, support social welfare, or encourage specific economic activities.

Such incomes do not form part of taxable income, either entirely or up to a specified limit

Example

Rohan receives ₹1,50,000 as interest from his Public Provident Fund (PPF) and ₹3,00,000 as agricultural income.
✔ Both amounts are exempt and therefore not included in his taxable income

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