look news india
ITR Filing: The deadline for filing income tax returns for FY 2023-24 and assessment year 2024-25 is approaching. You can file ITR without penalty till July 31, 2024.
There are some things to keep in mind while filing income tax returns. Taxpayers have to pay tax on various sources of income. Many sources of income are also tax free. If you have earned from these 12 sources then you will not have to pay any tax.
There is no tax on agricultural income in India. There is no tax on interest earned on NRE account. Also, taxpayers will not have to pay any tax on gratuity amount (Rs 20 lakh).
Certain capital gains, such as compensation received in exchange for urban agricultural land, are exempt from taxation. No tax is payable on profits earned by a partnership firm.
Family pension of less than Rs 15,000 is also tax-free. There is no tax on an amount of Rs 5 lakh on taking voluntary retirement. Also, there is no tax on the compensation received from abroad and the middle amount received from the insurance company.
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 exempted from tax. Government employees can avail tax exemption on leave encashment for up to 10 months. While for private employees this limit has been fixed at Rs 25 lakh.