Income of more than Rs 2.5 lakh in a financial year in the country comes under the tax net. Tax has to be paid not only from the employed person but also on the income earned from other sources. These include income from interest, income from any other business and income from any kind of investment.
However, under the Income Tax Act, there are five other sources of income other than Provident Fund (PF), Employee Provident Fund (EPF), Public Provident Fund (PPF) or National Pension Scheme (NPS), from which there is no tax on income. guess not. Apart from this, income from agriculture also does not come under the purview of tax. That is, whatever the farmer earns from farming, he does not have to pay any tax on it.
Generally, gifts received under the Income Tax Act come under the purview of tax. But, if you get this gift on marriage then 100% tax exemption is available on the income from it. The condition is that the gift is received on or near the date of marriage. In a normal case, the taxpayer does not have to pay any tax on gifts up to a maximum of Rs 50000 in a financial year, the gift received in excess of this will be added to your income, which will be taxed according to the slab.
profit from partnership company
If you are a partner in a company, then the amount received as share of profits is not taxable. That is, no tax has to be paid on it, because the company has already paid tax on it. This exemption is only on profit, not on salary received.