The government has until July 31, 2023, to file an income tax return. The government levies taxes based on the amount and source of income. Along with your pay, your income from savings is subject to income tax. The tax slab has undergone several adjustments under the new tax framework in the General Budget 2023.
Income up to Rs 7 lakhs will no longer be subject to tax.
Let us inform you that the government exempts some income from paying taxes. Find out if an ITR must also be submitted for these incomes. People in India receive money from specific sources that are exempt from paying income tax, or tax-free income. Only section 10 of the Income Tax Act grants tax exemptions. In our nation, farmers are exempt from paying taxes on their agricultural revenue. Under the Income Tax Act, the government made this choice in 1961 with the intention of boosting agriculture. Family’s Joint Hindu Income You are not required to pay taxes on the money you inherit from a Hindu Undivided Family. Section 10(2) of the Income Tax Act applies to this. This states that a joint Hindu family’s income from ancestral property is tax-free.
Interest earned on savings accounts
Every three months, the cash you deposit into a savings account earns interest. This is your income, according to the Income Tax Department, for which the section 80TTA exemption is available. On the other hand, you must pay tax if you receive interest that totals more than Rs 10,000 each year. Employees of the federal or state governments get gratuity, which is entirely tax-free. Employees in the private sector are given tokens of appreciation. On this, the income tax regulations differ.
You must pay tax on the amount
received on VRS in excess of Rs 5 lakh in accordance with Rule 2BA of the VRS Income Tax Act. The amount a student receives in the form of a scholarship or other reward is not taxable. Under section 10 (16), a tax benefit is provided in this.
Read More: Government warns ITR fillers! Rs 5000 fine may be imposed if avoided
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