Obligation to furnish return of income in the case of individual

Every individual whose total income before allowing deductions under Chapter VI-A of the IT Act, exceeds the maximum amount which is not chargeable to tax is obligated to furnish his return of income. The maximum amount not chargeable to tax in case of different categories of individuals is as follows:-

Sl. No. Category Amount (in Rs.)
i. In case of individuals below the age of 60 years 2,00,000
ii. In case of individuals who are of the age of 60 years or more but less than eighty years at any time during the financial year 2012-13. 2,50,000
iii. In case of individuals who are of the age of 80 years or more at any time during the financial year 2012-13. 5,00,000

 

Leave a Reply

Your email address will not be published. Required fields are marked *