BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Income that is non-taxable is called as exempt income. Under Section 10, there are different sub-sections that define what kind of income is exempt from tax. This can range from agricultural to house rent allowance.

Detailed explanation-2: -As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.

Detailed explanation-3: -For self-employed or non-salary account holders, there are certain incomes categorized under exempt income. They include dividends, agricultural income, interest on funds, capital gains which have to be disclosed under Schedule EI while filing income tax as per ITR-1.

Detailed explanation-4: -Income Tax Exemptions for Salaried Employees 2021 – 22 This includes individuals and HUF below 60 years of age, senior citizens or those above 60, and super senior citizens or those above 80 years of age. Therefore, there has been no increase in the basic exemption limit benefit for senior and super-senior citizens.