ITR Filing: If you earn a lot in this way, then you will not have to pay even a single rupee tax. know everything before filing the income tax return

ITR Filing: The season of income tax filing is going on, so you need to know which types of your income are not taxed. In this article, learn the ways by which even if you earn a lot, you will not be taxed.

ITR Filling: The season of ITR i.e. income tax filing is going on. In such a situation, many of you must be thinking of filling your ITR. But before filing ITR, it is important for you to know which of your incomes are not taxed.

Today we are going to tell you about some such income, on which income tax is not to be paid.

Agriculture

If you earn a lot or less from farming, whatever your income is, tax will not be levied on it. Because in India, no income tax has to be paid on the income earned from farming. Let us tell you that in the Income Tax Act 1961, income from farming has been kept out of the scope of income tax.

Savings Account

In savings account, income is earned through interest. If you are earning less than Rs 10,000 from interest in your savings account, then you will not have to pay any tax. But if you have two accounts and you are earning Rs 10,000 from one and Rs 5000 from the other, then your income of Rs 5000 will be taxable.

Senior Citizen Savings Scheme

There is no tax to be paid on the principal amount invested through Senior Citizen Savings Scheme and tax has to be paid on the interest earned.

PF Account

Deposits in PF account are exempted under Section 80C of the Income Tax Act, but only if the amount should not exceed 12% of the basic salary.

Gratuity

Government employees do not have to pay any income tax on gratuity. However, there is no tax on gratuity amount up to Rs 20 lakh and for private employees this limit is Rs 10 lakh.

Scholarship, Award

When any student gets a scholarship or any award, there is no income tax on it.

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