Non-Taxable Income: The Income Tax Department is collecting continuous income tax return files from across India till 31st July 2023. Many taxpayers are Submitting the required tax according to their earnings in 2022-23. But you should also know that Income that department Did not collect the tax from every source of income.
There are some income sources which are not laying under Income Tax Department. it means you will get exemption to pay tax from this non-taxable source of income. We are providing you complete details regarding these Non-Taxable Income sources so you will also get benefit of tax exemption.
Agriculture is Non-Taxable Income
All the citizens in India who are earning more than 2.5 annually either in job or business business there earning is taxable. but according to the Income Tax Department rules, if a person is Earning from agriculture in India then his all income is not taxable. so if you are a person who belongs to agriculture or no anyone who belongs to Agriculture then you can circulate this information to them.
Tax On Gifts
If you are going to purchase any property in India then you have to pay the tax government. or if you are buying any luxury jewellery, car and other items then you have to also pay some amount of tax to the government. but if you get these all items from gifts, then these all things will count under non taxable properties. so the Income Tax Department will not ask you to pay tax from all the things which you have collected from gifts.
Gratuity amount are Non-Taxable Income
The gratuity amount Is the amount which Is provided by government to fulfill or overcome the loss. Usually if anyone dies in any tragedy then government pay some gratuity amount to their relatives to overcome the loss. Employees also get the gratuity amount At the time of retirement. these amount is totally tax free. but if an private employee get more than 10 lakh in gratuity then he have to pay tax on this amount.
Tax on Interest
If anyone is investing in future insurance schemes then he will also get the benefit of tax redemptions. According to the role of income tax 80c You Can pay maximum 1.5 Lakh for Sukanya Samriddhi Yojana, senior citizen pension scheme and other future schemes. this amount is tax free. and whatever you get in the form of interest from the bank then this amount is also totally tax free. so earning from interest are non taxable.
There are also various source of incomes and earnings which are tax free so you did not need to pay any text for this earnings. you can visit to the official website of Income Tax Department to know more information regarding to Non-Taxable Income.