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Income tax act 1961

This query is : Resolved

Sukriti (Querist)
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10 October 2013 What is the meaning of income chargeable to tax ? Whether it means income above taxable limit or any any other income like interest below taxable limit (i.e Rs. 2000000?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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10 October 2013 The income which is taxable shall be called as income chargeable to tax. For example interest on Bank FD is taxable is called as income chargeable to tax, dividend on equity shares is exempted income it is called non taxable income.

So all the income which is below basic exemption limit(in one word we can say the income which shall be included in gross total income) is called as income chargeable to tax.

For your clarification on income below Rs.200000 is also we paying tax but the tax rate is ZERO.

So the income above basic exemption limit is called as Taxable Income.

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