Is there any latest circular issued by the I.Tax Authorities regarding Income tax rates mentioned that Income for other individual is is exempt upto Rs. 50,0,000.
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No IT department has not issued any such circular. But They have issued a notification " notification no 36/2011" stating that certain specified individuals whose income is less than 5 lakhs are not required to fill ITR for A.Y. 2011-12.
Agree with Suman...
Further added that the new slab rates for the A.Y.2012-13 would make the basic exemption limit of Rs.5,00,000/- for Very Senior Citizen (age above 80 years).
| Originally posted by : Vikas Vishwakarma | ||
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Agree with Suman... Further added that the new slab rates for the A.Y.2012-13 would make the basic exemption limit of Rs.5,00,000/- for Very Senior Citizen (age above 80 years). |
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AGREED.
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