As per current tax laws, the basic tax exemption limit applicable to an individual depends on the tax regime chosen by him/her. If an individual opts for the new tax regime, then basic exemption limit will be Rs 2.5 lakh irrespective of his/her age.
However, if an individual opts for the old tax regime, then basic exemption limit depends on the age of the person. Currently, the basic exemption limit for resident individuals below the age of 60 years is Rs 2.5 lakh. For senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempted from tax.
For super senior citizens (those above the age of 80 years), the basic exemption limit is up to Rs 5 lakh.
Individuals who fall under seventh proviso to Section 139(1) are as follows:
a) who have deposited an amount or aggregate of the amounts exceeding Rs 1 crore in one or more current accounts maintained with a banking company or a co-operative bank; or
b) who have incurred an expenditure of an amount or aggregate of the amounts exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or
c) who have incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh rupees towards consumption of electricity or;
d) who full-fill such other conditions as maybe prescribed.
Therefore, if you are required to file ITR mandatorily due to any of the conditions mentioned above, then ensure that you have filed your tax return before the deadline or else late fee will be levied even if your gross total income is below the taxable limit.
Advice for contact :
VidyaSunil and Associates
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VidyaSunil & Associates 