Exempt Income

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Exempt Income

Any income that is not subject to taxation. Examples of exempt income in the United States include income from municipal bonds, some retirement contributions, interest paid on mortgages, and the personal exemption, among other things. See also: Earned Income Tax Credit.
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References in periodicals archive ?
If these exempt incomes are invested in fixed deposits, any interest earned from them is fully taxable" E- VERIFY TAX RETURNS & SEND ITR- V: ITR filing is not enough; you have to verify your tax returns or send it to ITR- V to CPC Bangalore.
At the same time, the government will exempt incomes of up to 12,000 pounds a year from income tax, up from 9,000 pounds previously.
With money from a sales tax, the state could afford to reduce its top income tax rate (now at 9 percent) to 5 percent, exempt incomes below $20,000 from taxation, eliminate capital gains taxes to spur investment in Oregon companies, and roll back local property taxes.
At the same time, the government will exempt incomes of up to LE 12,000 a year from income tax, up from LE 9,000 previously.