Can I find an exhaustive list of the classes of income that are excluded from the basis exemption limit somewhere ?
I understand income from lottery, gambling, betting, gains on cryptocurrencies, etc cannot be claimed against the basic exemption limit. Are there other income sources that are excluded ?
Can income from speculative business ( intraday trading ) be claimed against the basic exemption limit ?
Thank you.
Hello
Yes, the basic exemption limit does not apply to lotteries, betting, gambling, or cryptocurrency income. However, all other types of income are included under this limit. Additionally, income from intraday trading is also covered under the basic exemption limit.
Hope this helps!
Certain types of income are excluded from the basic exemption limit and are taxable regardless of income level. These include long-term capital gains, short-term capital gains under section 111A, lottery winnings, gifts exceeding the exempt limit, and foreign income. It’s essential to check tax laws for specific exemptions and liabilities.
Income excluded from the Basic Exemption Limit includes capital gains, lottery winnings, and special-rate income. Such earnings are taxed separately without benefiting from the exemption. Non-residents’ income, like royalties and interest, is also taxed at fixed rates. Always check tax laws for the latest rules and exemptions.