If my Gross Total income (that is before doing Deductions) is more than the exemption limit, then I must file a return of income tax.
So, this means different levels for different classes, if I am not a senior citizen, and before Deductions and the Long Term Capital gains exemption (its called section 10(38)), my income totals to over Rs.2,50,000, return filing is a ‘have to do’ for me. Even though post Deductions, my Income (call Total Income) may become below taxable limit.
If I am a senior citizen, and my income before Deductions is over Rs.3,00,000, I should file a return. Per logic above, even though post Deductions, my Income (call Total Income) may become below taxable limit. But no, here’s a relief. Being a senior citizen, if my Total Income after Deductions is over the exemption limit of Rs.3,00,000, only then I need to do the tax filing dish.
If I am a super senior citizen, and my income before Deductions is over Rs.5,00,000, I should file a return. Per logic above above, even though post Deductions, my Income (call Total Income) may become below taxable limit. But no, here’s a relief. Being a super senior citizen, if my Total Income after Deductions is over the exemption limit of Rs.5,00,000, only then I need to do the tax filing dish.