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Income exemption

Priya Sharma (Account Manager) (167 Points)

30 July 2021

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

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16 Replies

Nidhi (Chief Accountant) (3150 Points)
Replied 30 July 2021

No, For Individual income tax exemption limit is up to 250000 only

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Priya Sharma (Account Manager) (167 Points)
Replied 30 July 2021

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

Nidhi (Chief Accountant) (3150 Points)
Replied 30 July 2021

No, for Senior citizen limit is Rs. 300000
for Super senior citizens limit is Rs. 500000

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Priya Sharma (Account Manager) (167 Points)
Replied 30 July 2021

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

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 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

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Priya Sharma (Account Manager) (167 Points)
Replied 30 July 2021

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

Nidhi (Chief Accountant) (3150 Points)
Replied 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

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 30 July 2021

For non senior citizens exempt upto 250000 rupees

CMA Poornima Madhava (CMA) (13097 Points)
Replied 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 (Chief Accountant) (3150 Points)
Replied 31 July 2021

For return filing limit is still 2.5 lakh only

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 31 July 2021

Agree with poornima

Nidhi (Chief Accountant) (3150 Points)
Replied 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.

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