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.
3 Replies
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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