Non-Taxable Income: Big Update! The
Income Tax Department in
Tax-Free Income: Every income taxpayer is always looking for ways to save on income tax. For this, he takes measures other than investing in various schemes. But, did you know that there are 6 types of income that you don’t have to pay tax on? As the deadline for filing income tax returns approaches, it’s important to know.
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Taxpayers have to file an ITR in their annual income tax slab from employment or business. However, income tax also includes provisions for taxable income. Non-taxable income means income that is not subject to income tax.
The Income Tax Act of 1961 abolished the farm income tax. Income from an undivided Hindu family, income from immovable property, or income from ancestral property is not taxable.
Under Section 56(ii) of the Income Tax Act, goods, money, ornaments, vehicles, etc. are taxable. Provided by the brothers. gifts are not taxable. However, if someone other than your relative donates something, they will only be deducted up to Rs 50,000.
The amount of death or retirement benefits received by government employees is virtually tax-free. At the same time, private sector employees get a deduction of Rs 10 lakh on retirement or termination, or disability. According to the Income Tax Act, tax exemption from gratuity also applies to certain limits.
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The scholarships given by various institutions to students for completing their studies are exempt from tax under the Income Tax Act,
Under Section 10(15) of the Income Tax Act, certain interest income comes within the category of full tax deduction. They are exempt from tax on bank interest earned under Sukanya Samriddhi Yojana, interest earned on gold deposit bonds, local government, and infrastructure bonds.
