Tax commandments: #1 File returns if income exceeds basic limit
Monday, July 3, 2017, 12:00 PM
The rules say an individual has to file his tax-return if the gross taxable income is above the basic exemption limit. This limit is 2.5 lakh for general taxpayers, 3 lakh for senior citizens and 5 lakh for very senior citizens. Remember, the gross income is computed after taking into account exemptions such as house rent, conveyance and other allowances, but before the deductions.