[fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_title size=”1″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]
List of tax free incomes in India.
[/fusion_title][fusion_text]
Paying income tax is our duty for the betterment of the nation and everyone who are entitled to pay income tax should pay their taxes. Today I’am going to share some of the tax free incomes in India on which you don’t need to pay taxes. Every human being thinks of saving his hard earned money to attain financial security and to live a debt free life. I will help you attain those goals a bit faster by saving money on taxes LEGALLY!!
[/fusion_text][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
After the introduction of a new section 80TTA in 2013, interest income of savings bank of upto Rs.10000 is exempted from income tax. If for eg. you earn Rs.15000 as SB account interest income then you need to pay taxes for only Rs.5000 and Rs.10000 is tax free income.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
The dividend which you receive on the shares you hold is a tax free income. The twist is, company paying dividend already pays DDT (dividend distribution tax) to the government. So the money which we receive is already lesser than what we should actually get. According to a recent revision in the policy, if an individual receives Rs. 10 lacs or more, then he his liable to pay 10% tax.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
The profit which you earn after selling of shares after holding it for a time period of minimum 1 year then the profit is a tax free income. This profit is called as long term capital gains and thus exempted from tax. You should take a note that while buying shares you should have paid the Security Transaction Tax (STT). This tax is almost paid by all the traders unless they do out of exchange transaction. If you do not pay the taxes while buying then you will need to pay at time of selling.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
Money received under Voluntary Retirement Scheme(VRS) of up-to 5 lacs is tax free. Not all the people are tax exempted. Only people working in public sector or any organization established under state or central government are liable for tax exemption.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
Money withdrawn by an employee after being employed for 5 or more years from Employees Provident Fund (EPF) is tax free income in India, some people tend to withdraw their money after 3-4 years when they change jobs and this costs them to pay income tax, if they withdraw the same money after 5 years then the amount is tax free.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”slide” animation_direction=”left” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
The money received upon maturity of an insurance policy or after claiming an insurance is 100% tax-free. After the revision of the Finance Act in 2012, to get tax exemption the sum assured should be atleast 10 times of the annual premium if purchased after April 2012. If purchased prior to April 2012 then the sum assured should be atleast 5 times of the annual premium.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”glow” hover_type=”liftup” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”left” animation_speed=”0.5″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] 
Leave Travel Allowance(LTA) is totally tax free provided you produce a valid proof for travelling. This amount is spent by every individual for travelling then why not get tax benefit! If your company doesn’t give you LTA, just ask for a salary restructure. This will help you to save some money in taxes. If you earn 3 lacs per annum then you can ask 10000 as LTA so your taxable income becomes 2.9 lacs.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_separator style_type=”none” top_margin=”10″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=””/][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_title size=”3″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]To conclude.[/fusion_title][fusion_text]
This list of tax free income in India would definitely help the working class and also help them in saving some money by getting tax benefit legally. I would bring to your notice that these tax free incomes would not remain stable through out the years and tend to change as there is any policy revision from the government. The tax slabs tend to change with the policy revisions and so is the tax free income in India.
Feel free to comment any latest change in the tax slab or any revision in the policies.
[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]