Income exemption
Priya Sharma (Account Manager) (167 Points)
30 July 2021
Is income up to Rs. 5,00,000 is exempt from tax as declared by FM ?
16 Replies
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
No, For Individual income tax exemption limit is up to 250000 only
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Than Rs. 5,00,000 exemption limit is applicable to whom ?.... senior citizens
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
No, for Senior citizen limit is Rs. 300000
for Super senior citizens limit is Rs. 500000
for Super senior citizens limit is Rs. 500000
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
But FM said that there is no tax up to Rs 5,00,000
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 July 2021
Exemption limit is Rs 2,50,000.
But a rebate u/s 87A of Rs.12500 was allowed if income is below Rs.5,00,000/-.( for individual only.)
So no tax required to pay upto Rs.500000
But a rebate u/s 87A of Rs.12500 was allowed if income is below Rs.5,00,000/-.( for individual only.)
So no tax required to pay upto Rs.500000
Priya Sharma
(Account Manager)
(167 Points)
Replied 30 July 2021
Thanks...
So, if my income is up to Rs. 5 lakh than m not required to file return
So, if my income is up to Rs. 5 lakh than m not required to file return
Nidhi
(Chief Accountant)
(3150 Points)
Replied 30 July 2021
As exemption limit is Rs. 2,50,000 only
So, if your income is more than 2.5 lakh than you have mandatory to file return, but there is no tax up to Rs. 5 lakh due to rebate u/s 87A
So, if your income is more than 2.5 lakh than you have mandatory to file return, but there is no tax up to Rs. 5 lakh due to rebate u/s 87A
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 30 July 2021
For non senior citizens exempt upto 250000 rupees
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 July 2021
| Originally posted by : Priya Sharma | ||
 |
Thanks...So, if my income is up to Rs. 5 lakh than m not required to file return |  |
If the income is within the basic exemption limit of ₹2.5 lacs, then no need file ITR. But if income is more than the basic exemption limit but up to ₹5 lacs, ITR to be filed even if there is no tax liability due to rebate u/s 87A.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 31 July 2021
For return filing limit is still 2.5 lakh only
Nidhi
(Chief Accountant)
(3150 Points)
Replied 31 July 2021
Sourav you are replying twice the same answer just for getting points or 250/- reward on CAClubindia.
what is sense of yes or no, just for point..
Please respect this reputed profession and stop making fun of public platform.
It's already told by reputed member to you that stop replying without any base just for points
If you are not Stop this, I have to make complaint to block your account.
what is sense of yes or no, just for point..
Please respect this reputed profession and stop making fun of public platform.
It's already told by reputed member to you that stop replying without any base just for points
If you are not Stop this, I have to make complaint to block your account.
Priya Sharma
(Account Manager)
(167 Points)
Replied 31 July 2021
For senior citizens limit is Rs. 3,00,000 right?
Nidhi
(Chief Accountant)
(3150 Points)
Replied 31 July 2021
Yes, for Senior citizen 3 lakh
for Super senior citizens, it's 5 lakh
for Super senior citizens, it's 5 lakh
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