Income Tax Slabs

Save Share

This query is : Resolved

Quick Summary

The discussion clarifies that while income up to Rs. 5 lakh may be exempt from tax due to rebates, filing an Income Tax Return (ITR) is still required if your income exceeds the basic exemption limit (typically Rs. 2.5 lakh). Filing an ITR is essential to claim deductions, rebates, and carry forward any losses for future tax periods.

Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
Follow

01 February 2020 Dear Sir,
In the Budget speech it has been told that Personal Income Tax upto Rs. 5 Lac is exempt from Income Tax. So does it mean that Income upto Rs. 5 Lac is not required to file IT Return from A.Y. 2021 - 22

Thanks,
Abhishek.

RAJA P M

RAJA P M (Expert)
Follow

02 February 2020 No... Income tax will be file based 2.5 laksh ceiling limit. If Taxable income is less than 5lakhs then rebate is available 12500...

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
Follow

26 May 2020 If your income exceeds the Basic Exemption Limit you need to file ITR showing deductions and availing rebates as applicable to you.

If no ITR is filled then no deduction or rebates or losses can be carried forward. You must need to file ITR to claim deductions and rebates.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now