Exemption from IncomeTax - Souces of Income

The taxation matters in India are governed by the Income Tax law that includes the Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and Judicial pronouncements by Supreme Court and High Courts. 

For that matter, certain sources of income are exempt from tax in India. The list including few such sources of income, the extent of amount to which the exemption is provided, eligible assessees and the section governing such ruling is provided for assessees know-how to avail the benefits of the same.

Nature of Income	Eligible Assessees	Amount of such exemption	Section
Agriculture Income	Any assessee	Entire amount of such income	10 (1)
Amount received out of family income, or in case of impartible estate, amount received out of income of family estate	Individual as a member of HUF	Entire Amount	10(2)
Income received as share of profit from total income of the firm	Partner of the firm	Entire Amount	10 (2A)
Premium or interest on securities or bonds provided by central govt. before 1st June, 2002	Non-resident assessee	Entire Amount	10 (4i)
Interest received on non-resident (External) account in any Bank in India.	An individual being non-resident as defined under section 2(q) of FERA, 1973	Entire Amount	10 (4ii)
Interest on specified savings certificates	non-resident individual who is of Indian Origin or an Indian citizen	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)
Income received as share of profit from total income of the firm	Non-resident assessee	Entire Amount	10 (2A)