Who is exempt from filing income tax return in India?

Age of an individual Basic exemption limit (Rs)
Below 60 years of age 2,50,000
Between 60 and 80 years of age (Senior citizen) 3,00,000
80 years and above (Super Citizen) 5,00,000

Who are exempt from filing income tax returns?

Conditions for exemption under section 194P

Senior citizens should be of age 75 years or above. Senior citizens should be ‘ Resident’ in the previous year. He has pension income and interest income only. Interest income accrued/ earned from the same specified bank in which he is receiving his pension.

Who are exempted from income tax in India?


Income General Senior Citizens (between 60 and 80 years)
Up to Rs 2,50,000 lakh Nil Nil
Rs 2,50,001–Rs 3,00,000 5% NIL
Rs 3,00,001–Rs 5,00,000 5% 5%
Rs 5,00,001–Rs 10,00,000 20% 20%

Do you have to file income tax after age 80?

The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amount. … If you are a senior, however, you don’t count your Social Security income as gross income.

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Which income is not taxable in India?

Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals and HUFs, an agricultural income of more than Rs. 5000 is added to the total income.

Do you have to pay income tax after age 75?

When Seniors Must File Taxes

For the tax year 2019, you will need to file a tax return if you are not married, at least 65 years of age, and your gross income is $13,850 or higher. … If this is solely the income you receive, then your gross income comes out to zero, and you won’t have to file a federal income tax return.

Which income is tax free?

✅What is the amount of tax-free income? According to new and old tax regimes, an individuals income below ₹ 2.50 Lakh is exempted from tax. However, you can claim tax rebate on income upto ₹ 5 Lakh and make it tax free.

Which amount is tax free?

Therefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” Do keep in mind that only individuals having no business income in a financial year are eligible to choose between both the tax regimes every year.

Do I need to file a tax return if my income is low in India?

Apart from this, any individual who qualifies as “resident and ordinarily resident” in India during a financial year is required to file a tax return even if the gross total income is below the basic exemption limit if he holds any assets, bank accounts, signing authority in any account or beneficiary interest in any …

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How do I file a zero tax return?

How do I fill up a nil return online?

  1. Enter your income details and deductions. Income tax is computed and you will be shown that you have no tax due.
  2. Submit your return to the Income Tax Department. And send your ITR-V to CPC Bangalore to complete the e-filing process.

Is it compulsory to file income tax return if we have PAN card?

Is it mandatory to file return of income after getting PAN? ​​​​​​​​Return is to be filed only if you are liable to file return of income under section 139. It is not mandatory to file return of income after getting PAN.

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