Income Tax Big Alert - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Thu, 20 Oct 2022 11:31:16 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Income Tax Big Alert - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Income Tax Big Alert: Big news! Here are your 10 incomes on which income tax is not to be paid, see the complete list https://www.rightsofemployees.com/income-tax-big-alert-big-news-here-are-your-10-incomes-on-which-income-tax-is-not-to-be-paid-see-the-complete-list/ Fri, 21 Oct 2022 00:27:58 +0000 https://www.rightsofemployees.com/?p=5989 Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income. […]

The post Income Tax Big Alert: Big news! Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income.

Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

The post Income Tax Big Alert: Big news! Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list https://www.rightsofemployees.com/income-tax-big-alert-here-are-your-10-incomes-on-which-income-tax-is-not-to-be-paid-see-the-complete-list-10-08-2022/ Wed, 10 Aug 2022 18:29:49 +0000 https://www.rightsofemployees.com/?p=2216 Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income. […]

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income.

Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list https://www.rightsofemployees.com/income-tax-big-alert-here-are-your-10-incomes-on-which-income-tax-is-not-to-be-paid-see-the-complete-list-30-07-2022/ Sat, 30 Jul 2022 12:03:09 +0000 https://www.rightsofemployees.com/?p=1648 Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income. […]

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income.

Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert ! After filing income tax return, definitely do this work, otherwise… https://www.rightsofemployees.com/income-tax-big-alert-after-filing-income-tax-return-definitely-do-this-work-otherwise/ Thu, 28 Jul 2022 13:12:14 +0000 https://www.rightsofemployees.com/?p=1576 Income Tax Big Alert : The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is just a few days away. Many taxpayers have also successfully submitted their returns on the Income Tax Portal. Have you filed your return? If not, you are advised to file your return (ITR) […]

The post Income Tax Big Alert ! After filing income tax return, definitely do this work, otherwise… first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert : The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is just a few days away. Many taxpayers have also successfully submitted their returns on the Income Tax Portal. Have you filed your return? If not, you are advised to file your return (ITR) at the earliest. The Income Tax Department is in no mood to extend the last date for filing returns this time.

Do you know that after filing ITR, you can check the status of your ITR. You can find out whether your return has been processed by the Income Tax Department or not. The ITR filing process does not end on submission of the return. The taxpayer should keep checking the status of his return till it is processed. There are five situations for your return after ITR filing. The different types of ITR status are as follows-

Pending for e-Verification/Verification

This is a situation where a person has filed ITR but has not e-verified it, or his duly signed ITR-V is not yet received in the CPC.

Successfully e-Verified/Verified

This is the situation when the return of the taxpayer has been submitted and it has also been duly e-verified, but the return has not been processed yet.

Processed

Your return has been processed successfully.

Defected

This is a situation where the Income Tax Department considers the ITR filed by you as defective. He finds some defect in the return filed due to lack of certain information or discrepancies required under the law. In such a case, the concerned person will be given notice under section 139(9) on behalf of the department. The person will be asked to rectify the mistake within a stipulated time frame from the date of receipt of the notice. If a person does not correct it, then his ITR becomes invalid.

Case transfer in the name of Assessing Officer

In this case the CPC transfers your ITR to the AO of your jurisdiction. The AO may ask you for some information.

How to Check ITR Status Online

  • Visit www.incometax.gov.in
  • Log in to your account by entering PAN/Aadhaar number as User ID and your password
  • After logging in click on ‘e-File’ option
  • Under the ‘e-File’ option, select ‘Income Tax Return’ and then select the option ‘View Filed Returns’
  • Check Latest ITR Filed
  • Select ‘view details’ option
  • Now you can check the status of your ITR

The post Income Tax Big Alert ! After filing income tax return, definitely do this work, otherwise… first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list https://www.rightsofemployees.com/income-tax-big-alert-here-are-your-10-incomes-on-which-income-tax-is-not-to-be-paid-see-the-complete-list/ Thu, 21 Jul 2022 12:25:51 +0000 https://www.rightsofemployees.com/?p=1282 Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income. […]

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> Income Tax Big Alert: The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income.

Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

The post Income Tax Big Alert: Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

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