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Non Taxable Income: No tax is levied on these 5 types of income, note this before filing ITR.

Non Taxable Income: Some rules have been made regarding income tax in India, under which no tax is levied on earning up to a certain limit. But if you are earning more than that limit, then you will have to file income tax return according to the tax slab. But there are some incomes which have been kept out of the scope of income tax. The last date for filing ITR is 31st July. In such a situation, if you have not filed ITR yet, then know about 5 such types of income which are considered non-taxable in India.

Income from agriculture

Under Section 10(1) of Income Tax, income from agriculture is completely tax-free. This includes production, processing and distribution of wheat, rice, pulses and fruits. Apart from this, if any of your properties is being used for agricultural work, then the rent received from it is also tax-free. Not only this, income from the purchase and sale of agricultural land is also non-taxable.

Gifts received from relatives

If your close relatives give you gifts, then they are not taxed. Husband-wife, brother-sister, brother or sister of husband/wife, brother or sister of mother/father i.e. aunt, maternal uncle, paternal uncle, grandparents, grandparents of husband/wife, son or daughter and husband or wife of brother/sister are included in the list of close relatives. If they give you gifts, then it does not come under the purview of tax. Apart from this, gifts received on the occasion of marriage are tax-free, no matter what their amount is. If any friend or acquaintance of yours gives you a gift of up to 50 thousand rupees, then it is tax-free, but if he gives you a gift of more than this, then it comes under the purview of tax.

Income from gratuity

The gratuity received by a government employee after his death or retirement is completely tax free. On the other hand, according to the rules of Gratuity Payment Act 1972, private sector employees do not have to pay tax on an amount up to a maximum of Rs 20 lakh on retirement.

Scholarship

In many institutions, students are given scholarships to complete their studies. These scholarships are tax free. At the same time, the amount received on voluntary retirement up to Rs 5 lakh is tax free.

Some pensions are also tax free

The winners of gallantry awards like Mahavir Chakra, Param Vir Chakra, Vir Chakra do not have to pay any tax on the pension received. The pension received by the family members of the Indian Armed Forces is also tax free.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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