Income Tax: Important news for taxpayers. Actually, today in this news we are going to tell you about five such earnings. On which not even a single rupee tax is levied. One of these – Under Section 10 (1) of Income Tax, income from agriculture is completely tax free.
Under Section 10 (1) of Income Tax, income from agriculture is completely tax free. This includes production, processing and distribution of wheat, rice, pulses and fruits. If your property is being used for agricultural work, then the rent received from it is also tax free.
In addition, income earned from purchase and sale of agricultural land is also not taxable, which gives many benefits to the farmers.
Income from agriculture-
Under Section 10 (1) of Income Tax, income from agriculture is completely tax free. This includes production, processing and distribution of wheat, rice, pulses and fruits. Apart from this, if any of your property is being used for agricultural work, then the rent received from it is also tax free. Not only this, the income from the purchase and sale of agricultural land is also non-taxable.
Gifts received from relatives-
Gifts given by close relatives and close relatives are not taxable. This includes husband-wife, siblings, siblings of husband or wife, siblings of parents (such as aunt, uncle), grandparents, maternal grandparents and spouses of siblings. If these people give you gifts, then it is out of the scope of tax, which promotes the feeling of family support and love.
Apart from this, gifts received on the occasion of marriage are tax-free, no matter what their amount is. If a friend or acquaintance of yours gives you a gift of up to Rs 50,000, then it remains tax free, but if he gives a gift of more than this, then it comes under the scope of tax.
Income from gratuity-
The gratuity received after the death or retirement of a government employee is completely tax free. On the other hand, according to the rules of Gratuity Payment Act 1972, private sector employees do not have to pay tax on an amount up to a maximum of Rs 20 lakh on retirement.
Scholarship-
In all institutions, students are given tax free scholarship to complete their studies. Apart from this, the amount received on voluntary retirement is tax free up to Rs 5 lakh, which provides financial help to students and employees and supports them in their future plans.
Some pensions are also tax free-
Winners of gallantry awards like Mahavir Chakra, Paramvir Chakra, Vir Chakra do not have to pay any tax on the pension received. The pension received by the family members of the Indian Armed Forces is also tax free.
