What is the income tax limit for an individual who is below the age of 60 years in india?

ITR 366 views 10 replies

Raj

Student

25 Points Joined March 2019

Hi Friends!

I have a doubt, its not my doubt. But it's a doubt of my friend who asked me for suggestion. I am a CS Professional student and I have many of my friends who are doing CA Final. I raised the question to them also, but I received mixed answers. As I am feeling shy to ask towards my faculties, I am asking this in a Public Forum.

Scenario 1: I am an IT professional (22) and I am working in a small company which is owned by my friend. I am receiving Rs.37500 p.m. as take home salary in cash. I have not filed IT returns so far. I have don't have income from other sources. Do I need to file IT returns ?

Scenario 2: What's the limit for not filing IT returns if salary is received in cash?

Kindly do take a minute or so to answer my query. Thanks in advance.

Replies (10)

Kaiwalya Muley

19 Points Joined March 2019

3,00,000

Raj

Student

25 Points Joined March 2019

I heard that upto 4,50,000 it's optional to file IT returns it seems. Is it true? Moreover what are the consequences if it's not disclosed as salary is received in cash.

manoj

student

5205 Points Joined February 2009

as you are getting salary in cash whether form 16 will u get?

Raj

Student

25 Points Joined March 2019

Actually he should get form 16, but he has not received it seems and employer has not deducted TDS on his salary. This situation seems to be quite hypothetical. That's why I've listed here.

venkata krishna reddy

chartered accountant

792 Points Joined January 2013

thanks

Girish Trivedi

None

315 Points Joined January 2018

Don try to put such query on open forum. Thanks

Amit Kumar Bansal

Job/Blogger

693 Points Joined March 2010

If you are an honest taxpayer, you are getting your salary in cash - You must disclose the actual amount in ITR 1, and accordingly, you are eligible for tax according to your tax slab.

You fall into 5% up to 5 Lakhs slab for AY 2019-20

shailendra shukla

Bhopal

1741 Points Joined February 2017

1) Firstly toh the payment to you of rs. 37500 p.m should not be done on a single day as there is a monetary limit of 10000 of payment to a single person in a day...
2) Yes you have to file return if your income exceeds the basic exemption limit of 2,50,000 which in m ur case is exceeding........

manoj

student

5205 Points Joined February 2009

if employer issue form 16

then ITR 1

Otherwise ITR 4

Naina Kapoor

Financial Consultant

277 Points Joined October 2018

The current income tax limit for an Employed individual who is below the age of 60 years in India is 5 Lakh per year (5,00,00,0).

However before Interim budget Feb 2019 this limit was 2,50,000 Rs. per year. Although the person who is in job whose salary is more than 5 Lakh like 6 or 7 lakh, can claim income tax benefits under section 80C, section 80D, sec 24 etc. as per income tax act of India.