Minimum Income Required To File Taxes 2024 Lok. The government has increased the standard deduction limit to rs 75,000, allowing the salaried class to save up to rs 17,500 in taxes under the new regime. This overview on whether you need to file a tax return (i.e.
The basic exemption limit for the year ended 31 march 2024 is โน 2.50 lakh for an ordinary individual, โน 3 lakh for a resident individual of over 60 years, and โน 5 lakh. With the increase of standard deduction limit to rs 75,000 and changes in tax slabs, the new income tax regime will attract more individual taxpayers.
Generally, You Need To File If:
This article aims to provide clarity on when individuals need to file taxes, the income thresholds for filing, and the anticipated changes for the 2024 tax year.
66% Taxpayers Opted For New Regime For Itr Filing During Current Season, Says Cbdt Chairman
Get the information about the old and new income tax slabs for individuals, senior citizens and super senior.
Minimum Income Required To File Taxes 2024 Lok Images References :
For Instance, Single Filers Under 65 Generally Must File A Tax If They Earn More.
Income tax eligibility refers to the criteria determine.
The Deadline For Filing Itr For The Current Assessment Year Is July 31, 2024, For Individuals Who Are Not Required To.
Yes, as per section 139(1) of the income tax act, 1961, every individual is required to file an income tax return if their income exceeds inr 2,50,000.
