The good news for income taxpayers continues. Finance Minister Nirmala Sitharaman has made a significant statement if you also pay income tax. The Finance Minister informed the public that you will no longer be subject to income tax. The Central Government has stated that no income will be subject to even a single rupee in taxes. Regarding this, a comprehensive guideline has been published.
Won’t be required to pay income tax
Although income up to Rs. 2.5 lakh is tax-free, and there are numerous other types of income on which you are not required to pay a single penny in taxes. Please allow us to inform you of your tax-free income.
Income tax update, Gifts are not subject to tax.
If an employee leaves their employer after five years with any company, they are entitled to gratuity. This sum is entirely tax-free. Government employees are exempt from taxes on income up to Rs. 20 lakhs. Additionally, up to 10 lakhs of private employees are exempt from paying taxes.
Apart from these two exemptions
PPF funds are not subject to taxation. All three of the amount received upon maturity, including the amount upon receipt of interest, are tax-free. Additionally, the employee is not required to pay tax on the amount of his EPF withdrawal if he does so after 5 years of nonstop employment.
Additionally, if you got any family property,
money, or jewelry from your parents, it is tax-exempt and will not be subject to taxation. Such gifts are not subject to tax. He will have to pay tax on the revenue generated from the sum he received from his parents if he decides to invest it in order to make money.
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