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18 Incomes which are TAX FREE in India | TAX FREE INCOMES !!!!
What are TAX FREE INCOMES?
A list of tax free income in India which will help you save money.
In India, you have to pay income tax on the income that you earn during a financial year as per the Income tax slabs. However, there are certain tax free incomes on which you don’t need to pay any tax. In simple words, such incomes are not taxable in your hands.
You just need to be aware about such tax free incomes. So, you can enjoy the tax benefits to the maximum and lower your overall tax burden as well. Go ahead and get to know about such tax free incomes in India. We are sharing some tax free incomes in which there is no liability to pay the tax.
1 Agriculture Income:-
Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. Agriculture operation includes processing & sale of agricultural crops from agriculture land. Even rent received from agriculture land is not taxable.
2. Dividend Income:-
Any dividend received by investment in stocks or mutual funds is tax free in the hands of investors.
3. Saving Bank Interest income:-
The interest earned on Savings Bank accounts up to a limit of Rs. 10,000/- is exempt from inclusion in Gross Total Income for the purpose of Income Tax.
4. Scholarship or grant received:-
If you have received any scholarship or grant as a student to meet your education cost, it is totally exempted from tax.
5. Share of profit from partnership firm:-
If you are a partner in a partnership firm, you will not have to pay any tax on your share of profits. “The share of profit is exempt for the individual partner, if received from a partnership firm which has been subjected to tax on the profits at the partnership firm level.
6. Individual share from HUF:-
The income of HUF is taxable. HUF itself is considered a taxable body. Income tax is paid on the income of HUF. Then the remaining income is distributed among its members. So, the members are not liable to pay income tax.
7. NRI Tax Free Incomes:-
Certain types of incomes or receipts earned by NRIs are exempt from income tax. Income earned by way of interest on the bonds notified by the Central Government is exempt from income tax. Also, any premium which is applicable to the redemption of the specified bonds is exempt from tax.
8. Money Received from Insurance:-
Any amount received under a Life Insurance Policy (LIP) or under a Key man Insurance Policy (KIP) or under an insurance policy for which the premium payable for any of the years during the term of the policy exceeds 10% of the actual capital sum assured, is fully exempt from tax.
Also, all proceeds received on the death of an insured person is fully exempt from income tax. Hence, money received from life insurance policies, whether from the LIC or any other private insurance company is exempt from income tax.
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9. Money Received from Provident Fund:-
Any amount received from a government-recognized provident fund (PF), approved superannuation fund or PPF is fully exempt from income tax.
10. LTA Exemption:-
Any money received from employer as LTA for purpose of travelling with family is tax exempted. The exemption can be claimed for 2 journeys (within India) in a block of 4 years. Such tax exemption is also known as Leave Travel concession.
11. Academic Scholarships:-
Any amount that is received as a scholarship to meet the cost of education is also tax free in the hands of person who receives the same under section 10(16). Also, in order to avail this exemption, it is not important that government should finance such scholarship.
12. Tax Free Bonds & Certificates:-
The interest earned under a few specific category of investments like tax free certificates/capital investment bonds/ gold bonds etc are exempted from tax under section 10(15)(iv)(h).
13. Amount received under voluntary retirement:-
Any amount received by an employee of a company or local authority where the scheme of voluntary retirement is framed as per Rule 2BA of the Income Tax Rules gets a tax exemption of up to Rs 5 lakh from the amount received as voluntary retirement.
14. Retrenchment is tax free:-
If any organization or company provide any compensation to its employees due to the closure of the organization, this compensation is tax-free
15. Government relief funds:-
Government sanctions fund for any kind of natural calamity, riot, or any disturbances like that. The money received by an individual from this kind of fund such as the Prime Minister’s National Relief Fund is not taxable.
16. Allowances or compensation from the employer:-
The following allowances are completely tax-free in the hands of any individual Indian,
• Foreign allowance granted by the government of India to its employees’ posted abroad.
• The compensation received from PSU Company at the time of Voluntary retirement or superannuation.
17. Income received from Foreign Government:-
Remuneration received from a foreign government by an individual who is an Indian resident citizen in connection with any sponsored cooperative technical assistance program with the foreign government is completely tax-free.
18. Payment received from provident funds:-
Under the provisions of Sections 10(11), (12) and (13) any payment from a government or recognized provident fund (PF) or approved superannuation fund, or PPF is exempt from income tax.
This list of tax free income in India would definitely help the working class and also help them in saving some money by getting tax benefit legally. I would bring to your notice that these tax free incomes would not remain stable through out the years and tend to change as there is any policy revision from the government. The tax slabs tend to change with the policy revisions and so is the tax free income in India.
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