Income Tax Exemption under Section 10(38) of Income Tax Act, 1961

Eligible Assessee

Any assessee

Nature of Income

Long term capital gains on sale of equity shares or units of equity oriented fund

Amount Exempt

Entire amount

Conditions laid down for Tax Exemption

The gains arises from transfer takes place after chapter VII of Finance Act (No. 2) Act, 2004 came into existence
such transactions are chargeable to STT
The income will be included while computing Book profit for the purpose of section 115JB.
Equity oriented fund means fund

whose 65% of investable fund is invested by way of equity shares in domestic company
fund is set up under scheme of mutual fund specified u/s 10(23D)

How to earn Tax free income? Incomes exempted from tax under Income Tax Act, 1961

Free download of Income Tax Return Filing Official Software

Time Limit for Filing Appeal with Commissioner of Income Tax (CIT) Appeals and Income Tax Appellate Tribunal (ITAT) - Fee for filing Income Tax Appeals

Advance Payment of Income Tax

Tax Deducted at Source (TDS) Rates from Financial Year 2013-14 (Assessment Year 2014-15)

Tax Deducted at Source (TDS) Rates

Income Tax Rates Financial Year 2012-13

Income Tax Rates Financial Year 2013-14

Important Due Dates

Audit requirement for business and profession under section 44 AB of Income Tax Act 1961

Income Tax Exemption under Section 10 of Income Tax Act, 1961

Deductions allowed from Gross Total Income under Chapter VI A of Income Tax Act, 1961

Tax saving schemes and deductions available against investment

How to calculate Value of Perquisites for accommodation provided by the employer to employee: Income Tax Rule 3 (1)

How to calculate Value of Perquisites by way of use of motor vehicle by an employee provided by the employer to employee: Income Tax Rule 3(2)(A)

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