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Non-Taxable Income: Some rules have been made regarding income tax in India, under which no tax is levied on income up to a certain limit. But if you are earning more than that limit, then you will have to file income tax return according to the tax slab. But there are some incomes which have been kept out of the purview of income tax. The last date for filing ITR is 31st July. In such a situation, if you have not filed ITR yet, then know about 5 such incomes which are considered non-taxable in India.
Income from Agriculture
Under Section 10(1) of the Income Tax Act, income from agriculture is completely tax-free. This includes the 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, income from the purchase and sale of agricultural land is also tax-free.
Gifts received from relatives
If your close relatives give you gifts, then they are not taxed. Husband-wife, brother-sister, brother or sister of husband/wife, brother or sister of mother/father i.e. aunt, maternal uncle, maternal uncle, grandparents, grandparents of husband/wife, son or daughter and husband or wife of brother/sister are included in the list of close relatives. If they give you gifts, then it does not come under the purview of tax. 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 thousand, then it is tax free, but if he gives you a gift of more than this, then it comes under the purview of tax.
Income from Gratuity
The gratuity received by a government employee after his death or retirement is completely tax free. Whereas, according to the rules of the Gratuity Payment Act 1972, private sector employees do not have to pay tax on a maximum amount of Rs 20 lakh on retirement.
Scholarship
In many institutions, students are given scholarships to complete their studies. These scholarships are tax free. At the same time, the amount up to Rs 5 lakh received on voluntary retirement is tax free.
Some pensions are also tax-free
There is no tax on the pension received by the winners of gallantry awards like Mahavir Chakra, Param Vir Chakra, Vir Chakra. The pension received by the family members of the Indian Armed Forces is also tax free.