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InterviewSolution
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Is There Any Limit Of Income Below Which I Need Not Pay Tax? |
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Answer» At this moment (i.e., for the financial YEAR 2016-17) Individual, HUF, AOP, and BOI having income below Rs. 2,50,000 need not pay any Income-tax. In respect of resident individuals of the age of 60 YEARS and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years and above, the limit is Rs. 5,00,000. For other CATEGORIES of PERSONS such as co-operative societies, firms, companies and local authorities, no basic e Source. At this moment (i.e., for the financial year 2016-17) Individual, HUF, AOP, and BOI having income below Rs. 2,50,000 need not pay any Income-tax. In respect of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years and above, the limit is Rs. 5,00,000. For other categories of persons such as co-operative societies, firms, companies and local authorities, no basic e Source. |
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