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Priya Sharma (Account Manager)     30 July 2021

Income exemption

Is income up to Rs. 5,00,000 is exempt from tax as declared by FM ?


 16 Replies

Nidhi

Nidhi (Chief Accountant)     30 July 2021

No, For Individual income tax exemption limit is up to 250000 only
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Than Rs. 5,00,000 exemption limit is applicable to whom ?.... senior citizens
Nidhi

Nidhi (Chief Accountant)     30 July 2021

No, for Senior citizen limit is Rs. 300000
for Super senior citizens limit is Rs. 500000
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

But FM said that there is no tax up to Rs 5,00,000
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     30 July 2021

Exemption limit is Rs 2,50,000.

But a rebate u/s 87A of Rs.12500 was allowed if income is below Rs.5,00,000/-.( for individual only.)

So no tax required to pay upto Rs.500000
1 Like
Priya Sharma

Priya Sharma (Account Manager)     30 July 2021

Thanks...
So, if my income is up to Rs. 5 lakh than m not required to file return
Nidhi

Nidhi (Chief Accountant)     30 July 2021

As exemption limit is Rs. 2,50,000 only
So, if your income is more than 2.5 lakh than you have mandatory to file return, but there is no tax up to Rs. 5 lakh due to rebate u/s 87A
1 Like
Sourav

Sourav (Student)     30 July 2021

For non senior citizens exempt upto 250000 rupees
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     30 July 2021

Originally posted by : Priya Sharma
Thanks...So, if my income is up to Rs. 5 lakh than m not required to file return

If the income is within the basic exemption limit of ₹2.5 lacs, then no need file ITR. But if income is more than the basic exemption limit but up to ₹5 lacs, ITR to be filed even if there is no tax liability due to rebate u/s 87A.

Nidhi

Nidhi (Chief Accountant)     31 July 2021

For return filing limit is still 2.5 lakh only
Sourav

Sourav (Student)     31 July 2021

Agree with poornima
Nidhi

Nidhi (Chief Accountant)     31 July 2021

Sourav you are replying twice the same answer just for getting points or 250/- reward on CAClubindia.

what is sense of yes or no, just for point..

Please respect this reputed profession and stop making fun of public platform.

It's already told by reputed member to you that stop replying without any base just for points

If you are not Stop this, I have to make complaint to block your account.
1 Like
Priya Sharma

Priya Sharma (Account Manager)     31 July 2021

For senior citizens limit is Rs. 3,00,000 right?
Nidhi

Nidhi (Chief Accountant)     31 July 2021

Yes, for Senior citizen 3 lakh
for Super senior citizens, it's 5 lakh

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