I want to know whether a retired person whose income is below tax limit. Do I still have to file I tax every year. more
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If the Gross Income (Income before deductions u/s 80 ) does not exceed the taxable limit, it is not mandatory to file the IT Return. more
Jun 27
Any one above 60 yeras of age is Senior citizen. Anyone above *) years is a super citizen. Since you have said that you are a Senior citizen, your age could be between 60 and 80. Your tax exemption limit is Rs 3 lakhs as of now. So if your gross income excluding tax exempted income such as dividends from equity shares is more than Rs 3 lakhs, comprising of income such as pension, annuity, house rents, shorterm capital gains etc, then you are liable to file income tax returns. more
Jun 27
Now submission of IT RETURNS is ONLINE and no effort is required to submit IT RETURNS FOR THOSE WHO ARE HAVING PAN NUMBER. For retired persons whose income is less than the tax limit hardly matters. more
Jun 27
Whether we are in service or retired, if our income limit exceeds taxable limit we have to file return. more
Jun 27
