The last date for filing ITR for the assessment year 2023-24 has been fixed as July 31, 2023. In such a situation, you should fill out your ITR before this deadline. If you are also going to fill out ITR. In such a situation, you must read this news. Today, through this news, we are going to tell you about some such income, which is tax-free. No tax is charged on these. If you pay taxes. In this situation, it is important to know about these incomes. Let's know -
Farm income
You need to know that no tax is charged on the income from agriculture. Under the rule of income tax, no tax is levied on the income from farming done on agricultural land.
Interest on money deposited in a savings account
The money is deposited in your savings account. The interest rate that is available on them. There is an exemption on that according to Act 80TTA of Income Tax. However, this exemption will be available on interest up to a total of Rs 10,000. At the same time, you will have to pay income tax more than that.
Gratuity
You should know that there is no tax of any kind on the money received from gratuity. At the same time, the tax rules are different for token appreciation received by private sector employees.
Scholarship or award
The scholarship that the students get or apart from this the money that they get under the award. No tax is charged on that money. This money remains tax-free under section 10(16) of Income Tax.
Voluntary Retirement Scheme
The money that people who take retirement get under Voluntary Retirement Scheme i.e. VRS. No tax of any kind is charged on it.
(PC: iStock)
