WHAT INCOMES ARE NOT TAXABLE| INCOME TAX ACT, 1961 | MASKMOONJI | IN TAMIL-
Hello everybody in this video we are going to discuss the different incomes which are not taxable under income tax Act , 1961.
There are many sources through which a person can earn his/her income. It can be income from salary, business, gift, award, or other. While some incomes are taxable under Income Tax Act 1961, others are non-taxable in nature.

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List of 11 Tax-Free Income Sources in India (2023)
2 January 2023
Income Tax

There are many sources through which a person can earn his/her income. It can be income from salary, business, gift, award, or other. While some incomes are taxable under Income Tax Act 1961, others are non-taxable in nature.
You must be aware of the incomes that fall under income tax exemptions. The IT Department won’t be able to deduct any tax on those incomes that come under such exemptions. So, people can find a way to save on their taxes by availing of these exemptions while filing their ITRs. To learn about 11 tax-free income sources in India, keep reading the article till the end!
What Are the Sources of Tax-Free Income in India?
While filing your income tax return, make sure you are mindful of the following sources. These incomes mentioned below come under tax-free sources of income in India and hence are tax exempted.
1. Agricultural income
Section 10(1) of the Income Tax Act mentions that income from agriculture and farming is free from any tax. Not only this, but the income generated from activities like cattle rearing and poultry is also tax-free. However, all must disclose their agricultural income while tax filing.
2. Gift received
Gifts received are also tax-free income from other sources as per Section 56(ii) of the Income Tax Act. Gifts including property, money, jewellery, vehicle, etc gifted by a relative will be exempted of tax. However, if someone other than your relative gifts it, it is exempted up to Rs. 50,000 only.
But if a person receives this gift on the occasion of marriage, it is entirely tax-free whether received from a relative or not.
3. Gratuity
For government employees: Gratuity amount received on death or retirement comes under full exemption.
For private-sector employees: Gratuity amount received on retirement or termination or incapacitation carries exemption only up to Rs. 10 lakhs.
As per the Income Tax Act, there may be other limits on which exemption may depend. The specified limit would be half of a month’s salary for every year of service that one completes. The calculation of this limit would be on the basis of average salary for ten months that will precede the year of gratuity payment.
4. Scholarships & rewards
This is another income source under the Income tax Act that is tax-free. It includes the scholarship given by institutes to students for completion of their education. Also, winners of Gallantry Awards such as Mahavir Chakra, Paramvir Chakra, Vir Chakra and others receiving a pension need not pay tax on the pension they receive.
5. Receipt from HUFs
An individual receiving a receipt as a HUF member is an exempted source of income tax. However, the concerned HUF must have been assessed separately under the IT Act.
Income from provident funds
Amount from a provident fund, a superannuation fund or even PPF will be treated as tax-free.
11. Interest income
As per Income Tax Act Section 10(15), few interest incomes come under the full exemption category. You can find it in the points below. However, they may be subject to some changes:
1.Bank interest received under Sukanya Samriddhi Scheme
2.Interest income gained on gold deposit bonds
3.Interest in local authorities’ bonds
4.Bhopal Gas Victims deposit interest
5.Interest income received through tax-free infrastructure bonds
These are few incomes which are not taxable.
We hope this video is useful for all of you
For queries , give us a comment in the comment box.
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