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Tax liability

VIRAJ KHODKE (44 Points)

13 May 2018

If my total income is exact ₹250000 then am i liable to pay tax and liable to file ROI ?

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4 Replies

Rajasekar (TDS Preparer) (1452 Points)
Replied 13 May 2018

If your total income is exactly 250000 then you don't have any tax liability. But it is good to file income tax return.

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VIRAJ KHODKE (44 Points)
Replied 13 May 2018

Even if my tax will be nil after getting rebate...bt is it taxable income?

TEJAS ATTARDE (212 Points)
Replied 13 May 2018

@ viraj khodke
whether there is a tax liability or not....,
filing ROI is a good habbit:)
& there are other benifits attached to it,
for instance, you will get loans from banks, when you provide them ROI,etc

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rama krishnan (12244 Points)
Replied 13 May 2018

total income is computed after availing section 10 exemption and chapter viA deductions. so it's compulsory to file ROI even if your total income is either less than 2.5 lakhs or 2.5 lakhs after availing aforesaid exemptions and deductions.