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Income Tax Exemption under Section 10(42) of Income Tax Act, 1961

 

Eligible Assessee

Notified body or authority

 

Nature of Income

Specified income

 

 

 

Amount Exempt

Entire amount

 

Conditions laid down for Tax Exemption

  1. Body or Authority is constituted under a treaty or agreement signed by Central Government with two or more countries or convention.

  2. It is constituted not for profit

  3. The authority or body and income exempt shall be notified by the Central Government

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