6. Scholarship and Gallantry awards: Under Section 10 (16) any kind of scholarship granted in order to meet the cost of education is exempt from tax. Likewise, certain awards and rewards are completely exempt from tax under Section 10 (17A).

Also according to the Finance Act, 1999 the pensions of Gallantry Award Winners like Paramvir Chakra, Mahavir Chakra, and 500,000.?utm_source=clicktrack&utm_medium=hyperlink&utm_campaign=linkinnews">Vir Chakra is completely exempted from tax.

7. Share from a partnership firm: According to the provisions of Section 10(2A) any in

For this purpose, the share of the partner is separately assessed and thus the amount of profit gained will be equally shared with the partner of the firm as well.

8. Voluntary retirement: Any amount received by an employee of a public sector or of any other company or of a statutory authority or a local authority or a cooperative society or university or IIT or IIM at the time of his voluntary retirement in accordance with any scheme or schemes of VR as per Rule 2BA, is completely exempt according to the provisions of Section 10 (10C). 500,000.?utm_source=clicktrack&utm_medium=hyperlink&utm_campaign=linkinnews">The maximum amount of money received at such VR is tax exempt and the maximum amount exempted is 500,000.