In India, individuals are required to file an Income Tax Return (ITR) if their total income exceeds the prescribed limit. The limit of income for ITR varies depending on the age and income level of the taxpayer. In this blog, we will discuss the income tax slab rates and the income limit for ITR for different categories of taxpayers in India.
The income tax slab rates for individual taxpayers are as follows:
For Individuals below the age of 60 years:
For income up to Rs. 2.5 lakhs, the tax rate is nil
For income between Rs. 2.5 lakhs and Rs. 5 lakhs, the tax rate is 5%
For income between Rs. 5 lakhs and Rs. 7.5 lakhs, the tax rate is 10%
For income between Rs. 7.5 lakhs and Rs. 10 lakhs, the tax rate is 15%
For income between Rs. 10 lakhs and Rs. 12.5 lakhs, the tax rate is 20%
For income between Rs. 12.5 lakhs and Rs. 15 lakhs, the tax rate is 25%
For income above Rs. 15 lakhs, the tax rate is 30%
For Senior Citizens (60 years and above but less than 80 years):
For income up to Rs. 3 lakhs, the tax rate is nil
For income between Rs. 3 lakhs and Rs. 5 lakhs, the tax rate is 5%
For income between Rs. 5 lakhs and Rs. 10 lakhs, the tax rate is 20%
For income above Rs. 10 lakhs, the tax rate is 30%
For Super Senior Citizens (80 years and above):
For income up to Rs. 5 lakhs, the tax rate is nil
For income between Rs. 5 lakhs and Rs. 10 lakhs, the tax rate is 20%
For income above Rs. 10 lakhs, the tax rate is 30%
Income Limit for Filing ITR
Now that we know the income tax slab rates, let's look at the income limit for filing ITR for different categories of taxpayers in India.
For Individuals below the age of 60 years:
If the total income of an individual below the age of 60 years exceeds Rs. 2.5 lakhs, they are required to file an ITR.
For Senior Citizens (60 years and above but less than 80 years):
If the total income of a senior citizen (60 years and above but less than 80 years) exceeds Rs. 3 lakhs, they are required to file an ITR.
For Super Senior Citizens (80 years and above):
If the total income of a super senior citizen (80 years and above) exceeds Rs. 5 lakhs, they are required to file an ITR.
It is important to note that even if the income of an individual falls below the income limit for filing ITR, they may still need to file an ITR if they have incurred certain losses or have income from foreign sources.
Conclusion
Filing an Income Tax Return (ITR) is mandatory for individuals whose income exceeds the prescribed limit. The income limit for ITR varies depending on the age and income level of the taxpayer. It is advisable for taxpayers to file their ITR within the due date to avoid penalties and other consequences.
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