Tax Exemptions… Savings to Wealth Creation… A Journey

Dr. Kashyap Arunkumar Ganatra, Alpesh Mehta, Priyanka Urvish Acharya


India has a well developed three-tier federal tax structure. According to Chapter III of the Income Tax Act, 1961 there is a provision of exemptions in income tax. Tax Exemption induces reduction of the tax burden on a specific section of the society to achieve some level of equilibrium among all. To encourage some economic activities through the process of reduction of the tax burden on some organizations or individuals involved in that activity is also another cause for Tax Exemptions. For instance, there are exemptions from the property tax, and also an individual is exempted from paying income tax if there are dependents or children financially dependent on him/her.


Primary Sources

 Income Tax Act, 1961

Secondary Sources

 Vinod Singhania & Dr. Kapil Singhania (2008-09) Direct Taxes Law & Practice, 40thed., Taxmann Publications (P) Ltd, New Delhi.

 Pricewaterhouse Coopers India (2008/09) India Master Tax Guide, 2nd ed., Wolter Kluwer (India) Pvt. Ltd., New Delhi.

 K. Chaturvedi & S.M. Pithisaria (2010) Companion to Chaturvedi & Pithisaria’s Income Tax Law, 5th ed., Vol. 6A (Part 2), LexisNexis Butterworths Wadhwa Nagpur, Gurgaon.

 N.L. Choudhary, et al (2009-10) Income Tax – Law & Accounts, Choudhary Prakashan, Jaipur.

 Kunal A. Desai, Deductions under Chapter VI A, January 22, 2010, Available at:

 Deductions,,

 Vinod Singhania & Dr. Kapil Singhania (2008-09) Direct Taxes Law & Practice, 40th ed., Taxmann Publications (P) Ltd, New Delhi, p.623.

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