Income Tax Latest News: There is great news for those who pay income tax. If you also pay income tax, then Finance Minister Nirmala Sitharaman has made a big announcement.
Giving information, the Finance Minister has told that now no tax will be levied on your income. The Central Government has told that even a single rupee tax will not be levied on any kind of income. A complete guideline has been issued regarding this.
Will not have to pay tax
Although income up to Rs 2.5 lakh is tax free, but apart from this, there are many such incomes on which you do not have to pay a single rupee tax. Let us tell you which income is your tax free.
Gratuity is not taxed.
If a employed person leaves his company after 5 years in any organization, then he gets the benefit of gratuity. This amount is completely tax free. If we talk about government employees, then their amount up to 20 lakhs is tax free. At the same time, the amount of up to 10 lakhs of private employees is tax free.
There will be no tax on PPF and EPS, apart from this, there is no tax on PPF money. The interest received on this, the amount received on completion of the maturity period, all three are tax free. Along with this, if the employee withdraws his EPF after working continuously for 5 years, then he does not have to pay tax on this amount also.
There will be no tax on such gifts, apart from this, if you have received any family property, cash or jewelry from your parents, then it is exempt from tax. There is no tax on such gifts. If he wants to earn by investing the amount received from his parents, then he will have to pay tax on the income earned from it.
