Need A Financial Product Forums Tax Savings Is there any limit for any individual of income below which he or she doesn’t need to pay Taxes?

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    Is there any limit for any individual of income below which he or she doesn’t need to pay Taxes?

    #47363

    Arvind Shah
    Member

    In current situation, any individual, HUF, AOP and BOI having income less than rupees one lakhs does not need to pay any income tax. For other categories such as co-operative societies, firms companies and local authorities there is no such provision of exemption is there, making them liable to pay tax on their complete income. In case of senior citizens aged above 60 years and women the exemption is Rs 3, 00,000 and 2, 50,000 respectively.

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