ITR filling applicability
Aakash Ramani (28 Points)
23 March 2023
Is limit mentioned in Act of RS.2,50,000 is calculated as per Gross Total Income or Net Total Income after deductions?
Aakash Ramani (28 Points)
23 March 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160601 Points)
Replied 23 March 2023
Gross total income from all the heads of income.
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 23 March 2023
CA Rakesh Ishi
(Working at Private Company)
(7995 Points)
Replied 23 March 2023
The Gross Total Income includes all sources of income, such as salary, business income, capital gains, house property income, and other sources of income.
Once the Gross Total Income is calculated, deductions and exemptions allowed under the Income Tax Act can be claimed to arrive at the Net Total Income.
Therefore, the limit of Rs. 2,50,000 is applicable on the Gross Total Income earned by an individual during a financial year.
If the Gross Total Income of an individual is less than Rs. 2,50,000, he/she is not liable to pay any income tax. However, if the Gross Total Income exceeds Rs. 2,50,000, the individual will be liable to pay income tax on the amount exceeding Rs. 2,50,000.
sabyasachi mukherjee
(26183 Points)
Replied 23 March 2023
CAclubindia
