What are exemptions in Indian income tax?
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Exemptions in Indian income tax refer to specific incomes or allowances that are not included in the total taxable income, thereby reducing the tax liability of the taxpayer. Examples of exemptions include HRA (House Rent Allowance), LTA (Leave Travel Allowance), agricultural income, certain allowances for salaried individuals, and income from specified investments such as dividends from mutual funds and long-term capital gains from listed equities.