Is it all correct to not to file ITR by an individual if the taxable income in a financial year for that individual is below Rs. 5 lakhs? Some years back income tax department made such provision. Is that provision active still now?
Abhishek M (not) (68 Points)
29 February 2020Is it all correct to not to file ITR by an individual if the taxable income in a financial year for that individual is below Rs. 5 lakhs? Some years back income tax department made such provision. Is that provision active still now?
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 29 February 2020
Abhishek M
(not)
(68 Points)
Replied 29 February 2020
What is the limit for a senor citizen not to file income tax return? I am interested to know the matter for both senior citizens and non-senior citizens.
Does it mean that if the taxable income does not exceed Rs. 2.5 lakhs in a financial year, filing of ITR is not mandatory for those who are not senior citizens?
What was the income tax rules for the financial year 2018-2019 for the same stuation?
SOHAN LAL
(Manger Accounts & Finance)
(363 Points)
Replied 29 February 2020
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 29 February 2020
Abhishek M
(not)
(68 Points)
Replied 02 March 2020
Are the above limits of 3 lakhs, 5 lacs and 2.5 lakhs are the limits after deduction the amount of investment under section 80c from the gross total income?
Are the above limits also applicable for hard copies of ITR filing and not only for efiling of ITR?
Thanks
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