The Tax Deduction limits

/ Taxes / By

Not every single amount I get as income, the payer will deduct tax at source. There are minimum limits laid down only over which tax is deducted at source:

  1. My interest income- If year’s income  is above Rs.40,000
  2. My interest income (being senior citizen) – if year’s income is above Rs.50,000
  3. My salary or pension income- if year’s income is above taxable limits (considering savings/ deductions)
  4. My rental income- if year’s income is above Rs.2,40,000