If gross annual income is below 7 lacs is it mandatory for Senior Citizens to file their ITRs.
It's claimed that there is no income tax to be paid by people having gross income below 7 lacs per annum. Please confirm.
for senior citizen below age of 75, the basic exemption limit is Rs 2.5 lakhs in new scheme. So the liability to file return gets triggered above this level of income. Any exemption and rebate is not to be accounted for while computing the liability to file the return or not.
Hence, in this case, the return should be filed.
CAclubindia
