Income Tax Return: The time for filing income tax return is now near. July 31 is the ITR deadline for filing income tax returns and after that, a penalty can be imposed for filing tax returns.
Although every citizen of the country, who is making income in the form of salary or business, he should file Income Tax Return, but under the provisions of the Income Tax Department, there are some such incomes, where tax is exempted. gets. If you pay income tax, then it is important for you to know which types of income are not subject to income tax. Here Section 80C and 80U of Income Tax play a big role.
Gifts up to Rs 50000
It is very common to levy tax on gifts. Gift tax has been levied since the time of Prime Minister Nehru. But there is a provision here and that if you have received an expensive gift but its value is only 50 thousand rupees, then no tax will be levied on it. Although there is a provision to pay tax on expensive gifts, you have to show it in Income from Other Sources in ITR.
PF and Gratuity
Income like PF and gratuity is also not taxed. However it has some conditions. If it has been more than 5 years since the deduction of PF, then it will become tax free. But on withdrawal of PF before 5 years, 10 percent TDS will be charged. Apart from this, the gratuity of government employees is completely tax free. But private sector employees get tax exemption only on gratuity up to Rs 10 lakh.
Income from farming
Under the provisions of income tax, income from agriculture in the country is also not taxed, but if income starts from other sources including agricultural processing, then it is taxed. In such a situation, only the income from other sources will be taxed and the income from agriculture will be tax free.
Gallantry award
In the country, the pension of people who have received gallantry awards like Maha Vir Chakra, Param Vir Chakra and Vir Chakra is not taxed. Apart from this, the family pension of such people is also tax free.
Scholarship
Although scholarship is given by the state and central government, but it is also considered as income in a way. But the important thing is that there is no income tax on it. Under Section 56 (ii) of Income Tax, the money received from the scholarship is tax free.
