What If You Don't File Your Income Tax Return?
Bangalore: It is mandatory to file your taxes as a respective citizen of the country. Though most of you might think that their tax filings are like a drop in the ocean and not declaring them won’t make any difference, but this might get you into some serious trouble.
- However, for the current year before filing your tax returns it is important for you to know the following facts, as listed by Yahoo!
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For males below 60 year age, the exemption limit is
1.8 lakh -
For females below 60 year age, the exemption limit is 1.9 lakh
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The exemption limit is 2.5 lakh for individuals (both male and female) who are between 60 to 80 years of age.
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Incase of Super Senior Citizens, of the age of 80 years or above, the exemption limit is 5 lakh.
While most of you are unaware of the above mentioned exemption facts, many even commit mistakes as they have confusion about what does total income without permitting deductions (such as Section 80C etc) actually mean.
