Definition of Exempted Income

Income tax laws 1961 provide the clear definition of exempted income . Exempted income means all those income of assessee which does not include in the total taxable income . The complete list of exempted income is provided by this law and every year finance bill can change some or all exempted income in this act . The most benefit of this that some of income is excluded in total income while we calculate our taxable or non taxable income .