Exemption from filing ITR?
naval rungta (95 Points)
03 February 2024
What's the exemption limit for senior citizen for not filing ITR under new income tax regime? TIA
7 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 03 February 2024
Not filing then exemption limit also not required....!!!
What is Your actual query...??
Can You elaborate with more details...??
What is Your actual query...??
Can You elaborate with more details...??
sabyasachi mukherjee
(27574 Points)
Replied 04 February 2024
Unless it's a gross requirement as per . 5lakhs exemption rest
jacinthamary
(accountant)
(874 Points)
Replied 04 February 2024
Basic exemption limit is 3 lakhs in new regime. If the net taxable taxable income is below this limit it's mandatory to file returns.
FYI. In new regime there is no separate slab for senior citizens. All are equal.
FYI. In new regime there is no separate slab for senior citizens. All are equal.
sabyasachi mukherjee
(27574 Points)
Replied 04 February 2024
De7
pending on gross total income and above exemption limit
pending on gross total income and above exemption limit
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 February 2024
Budget 2021 introduced a Section 194P, under which senior citizens aged 75 and above are exempted from filing the ITR if they fulfil the following criteria:
They have income only from their pension.
They receive income from interest and pension in the same bank account.
They have furnished a declaration form 12BBA to the specified bank.
They have income only from their pension.
They receive income from interest and pension in the same bank account.
They have furnished a declaration form 12BBA to the specified bank.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 12 February 2024
@ sabyasachi Mukherjee
The complete thread relates to senior citizen, query itself for senior citizen.
So , reply must be for senior citizen.
The complete thread relates to senior citizen, query itself for senior citizen.
So , reply must be for senior citizen.
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