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Income exemption
Is income up to Rs. 5,00,000 is exempt from tax as declared by FM ?
Replies (16)
No, For Individual income tax exemption limit is up to 250000 only
Than Rs. 5,00,000 exemption limit is applicable to whom ?.... senior citizens
No, for Senior citizen limit is Rs. 300000
for Super senior citizens limit is Rs. 500000
for Super senior citizens limit is Rs. 500000
But FM said that there is no tax up to Rs 5,00,000
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
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
Thanks...
So, if my income is up to Rs. 5 lakh than m not required to file return
So, if my income is up to Rs. 5 lakh than m not required to file return
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
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
For non senior citizens exempt upto 250000 rupees
| 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.
For return filing limit is still 2.5 lakh only
Agree with poornima
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.
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.
For senior citizens limit is Rs. 3,00,000 right?
Yes, for Senior citizen 3 lakh
for Super senior citizens, it's 5 lakh
for Super senior citizens, it's 5 lakh
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