Every taxpayer has to pay tax on the income derived from his business or employment. This tax is levied on a percentage of his income limit. But income tax also has provisions for non-taxable income. They are excluded from the ambit of income tax.

Under the Income Tax Act, 1961, income derived from agriculture is excluded from the ambit of income tax. Hindu undivided family income, income from immovable property or income from ancestral property are not taxed.

As per Section 56(ii) of the Income Tax Act, gifts including property, jewellery, money etc. given by a relative are exempt from tax. However, gift received from a person other than a relative is exempted only upto Rs.50 thousand.

The amount of gratuity received after the death or retirement of a government employee is completely tax free. Similarly, private sector employees get exemption on gratuity amount up to Rs 10 lakh received on account of retirement or disability. As per the Income Tax Act, tax relief on gratuity also depends on other factors.

Under Income Tax Act 10(15) certain interest on certain income is exempt from tax. This includes the interest earned on the Suvarna Vaoda Yojana, Local Authority and Infrastructure Bonds and the interest earned under the Sukanya Samriddhi Yojana. No tax is levied on it.

The post Non Taxable income: There is no tax on these five types of income, know the rules first appeared on Rightsofemployees.com.

Every taxpayer has to pay tax on the income derived from his business or employment. This tax is levied on a percentage of his income limit. But income tax also has provisions for non-taxable income. They are excluded from the ambit of income tax.

Under the Income Tax Act, 1961, income derived from agriculture is excluded from the ambit of income tax. Hindu undivided family income, income from immovable property or income from ancestral property are not taxed.

As per Section 56(ii) of the Income Tax Act, gifts including property, jewellery, money etc. given by a relative are exempt from tax. However, gift received from a person other than a relative is exempted only upto Rs.50 thousand.

The amount of gratuity received after the death or retirement of a government employee is completely tax free. Similarly, private sector employees get exemption on gratuity amount up to Rs 10 lakh received on account of retirement or disability. As per the Income Tax Act, tax relief on gratuity also depends on other factors.

Under Income Tax Act 10(15) certain interest on certain income is exempt from tax. This includes the interest earned on the Suvarna Vaoda Yojana, Local Authority and Infrastructure Bonds and the interest earned under the Sukanya Samriddhi Yojana. No tax is levied on it.

The post Non Taxable income: There is no tax on these five types of income, know the rules first appeared on Rightsofemployees.com.

Every taxpayer has to pay tax on the income derived from his business or employment. This tax is levied on a percentage of his income limit. But income tax also has provisions for non-taxable income. They are excluded from the ambit of income tax.

Under the Income Tax Act, 1961, income derived from agriculture is excluded from the ambit of income tax. Hindu undivided family income, income from immovable property or income from ancestral property are not taxed.

As per Section 56(ii) of the Income Tax Act, gifts including property, jewellery, money etc. given by a relative are exempt from tax. However, gift received from a person other than a relative is exempted only upto Rs.50 thousand.

The amount of gratuity received after the death or retirement of a government employee is completely tax free. Similarly, private sector employees get exemption on gratuity amount up to Rs 10 lakh received on account of retirement or disability. As per the Income Tax Act, tax relief on gratuity also depends on other factors.

Under Income Tax Act 10(15) certain interest on certain income is exempt from tax. This includes the interest earned on the Suvarna Vaoda Yojana, Local Authority and Infrastructure Bonds and the interest earned under the Sukanya Samriddhi Yojana. No tax is levied on it.

The post Non Taxable income: There is no tax on these five types of income, know the rules first appeared on Rightsofemployees.com.

If you invest only 50 rupees daily for the village security scheme, then you can ensure a return of 35 lakh rupees for yourself. This means that by depositing Rs 1500 a month in this scheme, you can get Rs 35 lakh.

Know the rules :

The investor gets this amount of this scheme along with the bonus at the age of 80 years. In this, if the person investing in the scheme dies before the age of 80 years, then his nominee gets this amount.

Who can invest Any citizen of India from 19 years to 55 years can invest in Village Security Scheme. At least Rs 10,000 to Rs 10 lakh can be invested in it. Many options are also given for paying the premium. Investors can pay the installment on monthly, quarterly, half-yearly or yearly basis.

Loan is available after four years , after purchasing the Gram Suraksha Policy, you can also take advantage of the loan. However, the loan can be taken only after 4 years from the date of purchase of the policy. Apart from this, if there is a default in paying the premium during the policy term, then you can start it again by paying the pending premium amount.

The post Post Office Scheme: Deposit only Rs 50 daily, will get a return of up to 35 lakhs – know how? first appeared on Rightsofemployees.com.