Tag Archives: #IncomeTaxExemption

Q15.6 Who is exempt from filing ITR ?

Exempt from filing ITR Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions: Individuals below the age of 60 years: Total income does not exceed… Read More »

Who does not need to file ITR?

Need to File ITR   Who no Need to file ITR in India, certain individuals may not need to file an income tax return (ITR) if they meet specific conditions. Here are some categories of individuals who generally do not need to file an Income Tax Return: 1. Individuals below the Exemption Limit: If your… Read More »

What does it mean when an organization is tax exempt in India?

Tax exempt Tax exempt: In India, a tax-exempt organization is refer to as a “charitable organization” or “charitable trust” and is exempt from paying income taxation under Section 11 of the Income Tax Act, 1961. This exemption applies to organizations that are establish for charitable, religious, or educational purposes, as well as those established for… Read More »

Which professions are exempt from income tax and why in india?

Which professions are exempt from income tax In India, no professions is completely exempt from income tax. However, certain professions or categories of taxpayers may be eligible for certain tax deductions or exemptions based on the provisions of the Income Tax Act. To visit- https://www.incometax.gov.in As an illustration, specific types of income such as agricultural… Read More »

What is the amount of conveyance allowance tax limit that is exempt from tax?

Conveyance allowance tax limit Introduction In most organizations, employees receive various allowances in addition to their basic salary. One such common allowance is the Conveyance Allowance, which is provided to employees to cover commuting expenses between home and workplace. However, a key aspect to consider is the tax exemption on conveyance allowance. Understanding the conveyance… Read More »