Is there any latest circular issued by the I.Tax Authorities regarding Income tax rates mentioned that Income for other individual is is exempt upto Rs. 50,0,000.
Jinesh Aggarwal (Service Man) (45 Points)
24 June 2011Is there any latest circular issued by the I.Tax Authorities regarding Income tax rates mentioned that Income for other individual is is exempt upto Rs. 50,0,000.
suman
(Auditor )
(388 Points)
Replied 24 June 2011
No IT department has not issued any such circular. But They have issued a notification " notification no 36/2011" stating that certain specified individuals whose income is less than 5 lakhs are not required to fill ITR for A.Y. 2011-12.
Vikas
(CA)
(1135 Points)
Replied 24 June 2011
Agree with Suman...
Further added that the new slab rates for the A.Y.2012-13 would make the basic exemption limit of Rs.5,00,000/- for Very Senior Citizen (age above 80 years).
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 24 June 2011
| Originally posted by : Vikas Vishwakarma | ||
 |
Agree with Suman... Further added that the new slab rates for the A.Y.2012-13 would make the basic exemption limit of Rs.5,00,000/- for Very Senior Citizen (age above 80 years). |
 |
AGREED.
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