New Income Tax Rules: The date for filing ITR is just around the corner. Do you know that the government does not take tax on some income. Know here which income is tax free?
New Income Tax Rules: The last date for filing ITR is 31 July 2023 by the government. The government takes tax on the basis of income and income source. Income tax includes your income from your savings along with your salary. Under the new tax regime in the General Budget 2023, some changes have been made in the tax slab.
Now no tax will be levied on income up to 7 lakhs. Let us tell you that the government gives tax exemption on some income. Know whether ITR has to be filed on these incomes as well. Let’s know what are these incomes…
In India, people’s income from certain sources of income is such that it does not have to pay income tax, that is, it is income tax-free. Tax exemption is given only under section 10 of the Income Tax Act.
Farm income
The farmers of our country do not have to pay tax. For the purpose of promoting agriculture, the government has taken this decision in 1961 under the Income Tax Act.
Joint hindu family income
The income you get as inheritance from a Hindu Undivided Family is tax free. This is covered under section 10(2) of the Income Tax Act. According to this, the income from the ancestral property of a joint Hindu family is tax-free.
Income from savings account interest
You get interest after every 3 months on the amount deposited in the savings account. According to the Income Tax Department, this is your income, in which exemption is available under section 80TTA. On the other hand, if you get annual interest of more than Rs 10,000, then tax will have to be paid.
Gratuity
Central or state government employees get gratuity, which is completely tax-free. Token of Appreciation is given to private sector employees. The rules of income tax are different on this.
VRS
Under Rule 2BA of the Income Tax Act, you have to pay tax on the amount received on VRS in excess of Rs 5 lakh.
Amount received from scholarship or award
The amount received by the student in the form of scholarship or any award is not taxable. In this, tax benefit is available under section 10 (16).
