Income Tax Return Limit In India According to Income Tax laws an Indian citizen must file an ITR only if his her taxable income exceeds the basic exemption limit In case the person s income falls below this threshold it is
As per the Income Tax Act of India individuals are required to file an ITR only if their annual income exceeds the basic exemption limit However there are certain conditions This means that the taxpayer can now enjoy a tax free income of upto Rs 12 lakhs Earlier this limit was Rs 7 lakhs However the tax rebate for taxpayers opting for the old tax
Income Tax Return Limit In India
Income Tax Return Limit In India
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New Financial Year 2025 new tax laws Today marks the beginning of the new financial year 2025 26 With the new year a lot of changes are effective This includes new income tax slabs and other new tax laws such as From the next financial year individuals earning up to Rs 4 lakh annually need not pay taxes or submit an income tax return ITR A clarification is needed regarding ITR filing
In Budget 2025 FM Sitharaman increased the basic income exemption limit from Rs 3 lakh to Rs 4 lakh in the upcoming tax regime Starting from April 1 2025 FY 2026 individuals with an On February 1 2025 in her 74 minute Union Budget speech Finance Minister Nirmala Sitharaman said there will be no tax on income up to 12 00 000 per annum under the New Tax Regime NTR
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Individuals under 60 must pay tax if their income exceeds Rs 2 5 lakh per year Senior citizens aged 60 to 80 also follow the same Rs 2 5 lakh threshold Income tax filing ITR is The government has amended the income tax slabs under the new tax regime for FY 2025 26 According to the new structure those earning up to Rs 4 lakh will pay no taxes
The NIL tax limit of up to Rs 12 lakh will be applicable only to those whose incomes don t exceed this threshold Here are the new slabs announced by FM Sitharaman for the new tax regime Filing an Income Tax Return ITR in India is obligatory under certain circumstances If your total income before claiming deductions under Sections 80C to 80U exceeds the basic exemption limit you must file an ITR as per
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According to Income Tax laws an Indian citizen must file an ITR only if his her taxable income exceeds the basic exemption limit In case the person s income falls below this threshold it is
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As per the Income Tax Act of India individuals are required to file an ITR only if their annual income exceeds the basic exemption limit However there are certain conditions
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Income Tax Return Limit In India - The limit on total income added by the standard deduction of 75 000 will mean a salaried person will not have to pay income tax on total annual income up to 12 75 lakh under
