Know on which income you will not have to pay tax: Hello friends, all of you should know that in the present time there are many such businesses on which tax is levied but on the other hand there are many such businesses i.e. sources of income on which tax is not levied.
Yes, you heard it right, if you don’t know which income is tax-free then it is very important to complete this post today. This is because through this post we are going to tell you which income is tax-free.
All of you are requested that before filing Income Tax Return 2025, you should know important things which we will provide in detail through this post.
Which income is not taxed?
The biggest question is which income is not taxed, the information about this is given below:-
income from farming
If you are an Indian citizen and your income comes from farming, that is, your earnings are through farming, then the good news for all of you is that you do not have to pay tax on whatever income you make from farming. This rule has been kept in the Tax Act 1961.
Earnings from savings account
You should be well aware that a huge amount of income is earned through interest in a savings account. If you earn through a savings account and are earning less than ₹10,000 in interest, that is, if you are earning, then you will not have to pay tax on it.
Whereas if you have two accounts and you are earning ₹10,000 from one and ₹5000 from the other, then you may have to pay tax on the second account of ₹5000.
Because only and only a person can earn minimum ₹10000 without tax through interest.
Tax exemption on PF account balance
If you have a PF account and have deposited balance in it, then under the Income Tax Act section 80C, exemption from test on PF account balance is being provided.
However, to get this tax exemption, the amount should not exceed 12% of the basic salary, because if it is more, you will have to pay tax.
Money received from a scholarship or award
Whatever amount you receive as scholarship or award, no tax will be levied on it by the Income Tax Department. This is a very good news because no tax is levied on the money received as scholarship or award.
FAQs – Important Questions Frequently Asked
1. If we earn from farming, will we also have to pay tax?
No, because there is no tax on the money earned from farming.
