There is good news for income tax payers. Finance Minister Nirmala Sitharaman has announced good news if you also pay income tax. According to the Finance Minister, you will no longer be subject to income tax. The Central Government offers many such services, so if you use them, you won’t be required to pay taxes on that money. The government has issued a directive in this regard.
Income Tax – Which income is exempt from taxation
Although income up to Rs. 2.5 lakh is tax-free, there are numerous other types of income on which you are not required to pay a single penny in taxes. Please allow us to inform you of your tax-free income.
Income tax – Gifts are not subject to tax.
If an employee leaves their job after five years with any company they are entitled to gratuity. This sum is entirely tax-free. Government employees are exempt from taxes on income up to Rs. 20 lakhs. Additionally, up to 10 lakhs of private employees are exempt from paying taxes.
Apart from these two exemptions, PPF funds are not subject to taxation.
All three of the amount received upon maturity, including the amount upon receipt of interest, are tax-free. Additionally, the employee is not required to pay tax on the amount of his EPF withdrawal if he does so after 5 years of nonstop employment.
Additionally, if you got any family property
money, or jewelry from your parents, it is tax-exempt and will not be subject to taxation. Such gifts are not subject to tax. They will have to pay tax on the revenue generated from the sum he received from his parents if he decides to invest it in order to make money.
Read more: Government announced good news regarding Dearness Allowance (DA), 50% will be provided!
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