ITR Filing: While filing income tax return, you will not have to pay any tax on the income earned through these 12 sources. Let’s know about this.
ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 and assessment year 2024-25 is approaching. You can file ITR without penalty till July 31, 2024.
It is important to keep some things in mind while filing income tax return. Taxpayers have to pay tax on many income sources. At the same time, many income sources are also tax free. If you have earned through these 12 sources, then you will not have to pay any kind of tax.
There is no tax on income from agriculture in India. There is no tax on interest earned on NRE account. Taxpayers will not have to pay any tax on gratuity amount (Rs 20 lakh).
You will not have to pay any tax on some capital gains such as compensation received for urban agricultural land. No tax is payable on the profit earned from a partnership firm.
You will not have to pay any tax on the scholarship received from government or private schools and colleges. PF amount is also kept out of the scope of tax.
Leave encashment has been partially kept out of the purview of tax. Government employees can avail tax exemption on leave encashment up to 10 months. Whereas for private employees this limit has been fixed up to Rs 25 lakh.
Leave encashment has been partially kept out of the purview of tax. Government employees can avail tax exemption on leave encashment up to 10 months. Whereas for private employees this limit has been fixed up to Rs 25 lakh.
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