People in the salaried class are frequently seen worrying about tax savings. The deadline for submitting an Income Tax Return (ITR) this time was July 31. After that, customers waited a long time to receive their refunds. But did you know that some income is exempt from taxation? In general, not many individuals are knowledgeable about this. On these sources of income, you owe no taxes. These sources of income must be disclosed in your ITR.
Non-taxable income is any income you get during
any fiscal year on which no tax is due. You are totally disregarded while determining your income tax on this kind of money. Tell us what kind of income is exempt from taxation.
ITR Update – It is not taxable income if a taxpayer gets money as
a gift from a family member. You will not benefit from this rule if your family resides abroad. Only if the value of the presents you receive individually from family members is less than Rs 50,000 can you qualify for an exemption.
When an insurance policy matures or someone passes away
there is no tax due on the money received from the policy. The amount received when the insurance matures may occasionally change depending on the amount.
According to Section 10(1) of the Income Tax Act (ITR)
agricultural income is also exempt from taxes. Additionally, poultry and animal husbandry income is entirely tax-free.
Any company’s employees receive
a gratuity in appreciation for their long service. Government employees are totally tax-exempt with regard to gratuities. The Gratuity Act of 1972 covers non-government workers.
The interest earned on government-run deposit programs
including the PPF, Sukanya Samriddhi Yojana, and Gold Deposit Bond, among others, is tax-free. On the maturity of these schemes, you won’t owe any taxes.
Read more: You must do this work to get the opportunity to win Rs 1 crore from the government
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