Agriculture Income [Section 10(1)]

2. Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F.) [Section 10(2)]

3. Share of Income from the Firm [Section 10(2A)]

4. Interest paid to Non-Resident [Section 10(4)(i)]

5. Interest to Non-Resident on Non-Resident (External) Account [Section 10(4)(ii)]

6. Interest paid to a person of Indian Origin and who is Non-Resident [Section 10(4 B)]

7. Travel Concession to an Indian Citizen Employee [Section 10(5)]

8. Remuneration received by an individual who is not a citizen of India [Section 10(6)]
9. Tax paid by Government or Indian concern on Income of a Foreign Company [Section  10(6A), (6B), (6BB) and (6C)]

10. Perquisites and Allowances paid by Government to its Employees serving outside India [Section 10(7)]

11. Employees of Foreign Countries working in India under Cooperative Technical Assistance Programme [Section 10(8)]

12. Income of a Consultant [Section 10(8A)]

13. Income of Employees of Consultant [Section 10(8B)]

14. Income of any member of the family of individuals working in India under co-operative technical assistance programmes [Section 10(9)]
15. Gratuity [Section 10(10)]

16. Commuted value of pension received [Section 10(I0A)]

17. Amount received as leave encashment on retirement [Section 10(10AA)]

18. Retrenchment compensation paid to workmen [Section 10(10B)]

19. Payment received under Bhopal Gas Leak Disaster (Processing of Claims) Act 1985 [Section 10 (10BB)]

19A. Compensation received in case of any disaster [Section 10(10BC) ]

20. Retirement Compensation from a Public Sector Company or any other Company [Section 10 (10C)]

21. Income by way of tax on perks [Section 10(10CC)]

22. Any sum received under a life insurance policy [Section 10(10D)]

23. Payment from Statutory Provident Fund [Section 10(11)]

24. Payment from Recognised Fund [Section 10(12)]

25. Payment from Superannuation Fund [Section 10(13)]

26. House Rent Allowance [Section 10(13A) Read with Rule 2A]

27. Any Allowance given for meeting Business Expenditure [Section 10(14)]

28. Interest Incomes [Section 10(15)]

29. Lease rental income of a foreign government or foreign enterprise from leasing of aircraft/aircraft engine to an Indian company [Section 10(15A)]

30. Scholarship [Section 10(16)]

31. Allowance of M.P./M.L.A.Ior M.L.C. [Section 10(17)]

32. Awards Instituted by Government [Section 10(17A)]

33. Pension received by certain winners of gallantry awards [Section 10(18)]

34. Family pension received by family members of armed forces including para military forces [Section 10(19)]

35. Income from one palace of a former ruler [Section 10(19A)]

36. Income of a local authority [Section 10(20)]

37. Income of scientific research association [Section 10(21)]

38. Income of a News Agency [Section 10(22B)]

39. Income of some Professional Institutions [Section 10(23A)]

40. Exemption of Income Received by Regimental Fund [Section 23AA]

41. Income of a Fund set-up for the welfare of employees or their dependents [Section 10(23AAA)]

42. Income of a pension fund set up by LIC or other insurer [Section 10(23MB)]

43. Income of Institutions established for development of Khadi and Village Industries [Section 10(23B)]

44. Income of State Level Khadi and Village Industries Board [Section 10(23BB)]

45. Income of certain Authorities set up to manage Religious and Charitable Institutions  [Section 10(23BBA)]

46. Income of European Economic Community [Section 10(23BBB)]

47. Income of a SAARC Fund for regional projects [Section 10(23BBC)]

48. Any income of Insurance Regulatory and Development Authority [Section 10(23BBE)]

49. Income of Prasar Bharti [Section 10(23BBH)] [Inserted by the Finance Act 2012, w.e.f. 2013-14]

50. Any income received by a person on behalf of following Funds [Section 10(23C)]

51. Income of Mutual Fund [Section 10(23D)]

52. Exemption of income of a securitisation trust [Section 10(23DA)j [w.e.f. A.Y. 2014-15]

53. Income of Investor Protection Fund [Section 10(23EA)]

54. Income of the Credit Guarantee Trust for Small Industries [Section 10(23EB)]

55. Exemption of income of investor protection fund of depository [Section 10(23ED)] [w.e.f. A.Y. 2014-15]

56. Exemption for Certain Incomes of a Venture Capital Company or Venture Capital Fund from Certain Specified Business or Industries [Section 10 (23FB)]

57. Income of Registered Trade Unions [Section 10(24)]

58. Income of Provident and Superannuation Funds [Section 10(25)]

59. Income of Employee’s State Insurance Fund [Section 10 (25A)]

60. Income of Schedule Tribe Members [Section 10(26) and 10(26A)]

61. Income of Sikkimese individual [Section 10(26AAN] (With retrospective effect from 1-4-1990)

62. Regulating the marketing of agricultural produce [Section 10[26AAB]

63. Income of a corporation set-up for promoting the interests of Scheduled Castes, Scheduled Tribes or Backward Classes [Section 1 0(26B)]

64. Income of a corporation set-up to protect the interests of Minorities [Section 10(26BB)]

65. Any income of a corporation for ex-servicemen [Section 10(26BBB)]

66. Income of cooperative society looking after the interests of Scheduled Castes or Scheduled Tribes or Both [Section 10(27)]

67. Any income accruing or arising to Commodity Boards etc. [Section 10(29A)]

68. Amount received as subsidy from or through the Tea Board [Section 10(30)]

69. Amount received as subsidy from or through the concerned Board [Section 10(31)]

70. Income of child clubbed uls 64 (IA) [Section 10(32)]

71. Income from transfer of capital assets of UTI [Section 10(33)]

72. Income by way of dividend from Indian company [Section 10(34)]

73. Exemption of income to a shareholder on buyback of shares of unlisted company [Section 10 (34A) [w.e.f. A.Y. 2014-15]

74. Income from units of UTI and other mutual funds [Section 10(35)]

75. Exemption of income from securitisation trust [Section 10(35A)] [w;e.f A.Y. 2014-15]

76. Income from sale of shares in certain cases [Section 10(36)]

77. Capital Gain on compulsory acquisition of urban Agricultural Land [Section 10(37)]

78. Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT) [Section 10(38)]

79. Income from international Sporting event [Section 10(39)]

80. Income received as grant by a subsidiary company [Section 10(40)]

81. Income from transfer of asset of an undertaking engaged in the business of generation, transmission or distribution of power [Section 10(41)]

82. Income of a body or authority set up by two countries [Section 10(42)]

83. Reverse Mortgage [Sec. 10(43)]

84. New Pension System Trust [Sec. 10(44)]

85. Exemption of Allowance or perquisite to chairman/member of UPSC [Section 10 (45)]

86. Exemption of ‘specified income’ of certain bodies or authorities [Section 10(46)]

87. Exemption of Income of notified ‘Infrastructure debt fund’ [Section 10(47)]

88. Exemption of Income of a foreign company from sale of Crude Oil in India [Section 10 (48)]

89. Exemption of income of National Financial Holdings Company [Section 10(49)] [w.e.f. A.Y. 2014-15]

Does Accounting Fraud actually exist?

A lot has been heard about the so called 'Accounting Fraud' since the last decade especially after the outbreak of many fiascos such as Enron, Satyam etc. Focus has been completely shifted to the so called 'White Collar Crimes'. A lot has been argued by various people regarding the requirement of the  stringent accounting laws to avoid the frauds from taking place and also requirement of common accounting laws across the globe to improve the  understanding of the accounting disclosures made by companies across the globe which has also resulted in the formation of IASB - a body to oversee the standardization of the accounting laws across the country. The voice for improving the accounting laws laid more emphasis on the disclosure of off-balance sheet items. For a moment, keeping all these aside, there is a need to analyze whether the strong/weak technical accounting law is the only reason for occurrence/non-occurrence of the financial fraud.

Accounting is an art of 'Recording' the transactions taking place in a business but not creating the transactions taking place in the business. The accounting acts as a subordinate to the transactions which take place in the business. The transaction taking place leads to the selection of the accounting treatment but not vice-versa. The transactions take place with complete knowledge of the people managing the business and so does the accounting.  So the accounting can only portray the essence of the transaction rather than the selection of transaction itself. 

Accordingly, when accounting does not lead to creation of a transaction, is it fair enough to tag the frauds to the poor accounting?. While it can be argued that the accounting helps the stake holders to understand the transactions being undertaken, it should be understood that the will of the management to do the same is more important than the stringency of the laws. If accounting is done for a transaction which does not occur (Satyam) or when transactions are intentionally hidden, accounting cannot be blamed for such acts. The accounting is like a wax which molds as per the design of the management. Hence, the accounting can never be blamed for the frauds which happen.

Note: I am an amateur blogger. Readers are requested to excuse me for any mistakes in forming sentences which I hope to avoid in future.