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? › Is-there-any-limit-for-any-individual-of-income-below-which-he-or-she-doesnt-need-to-pay-Taxes_REPLY

September 17, 2014 at 4:12 am #47363
Sameer Kapoor
Participant

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.