What is Income Tax?
In India, taxpayers are required to pay income tax under the old regime based on their age and income:
- Individuals under 60 must pay tax if their income exceeds Rs.2.5 lakh per year.
- Senior citizens (aged 60 to 80) also follow the same Rs.2.5 lakh threshold.
Income tax filing (ITR) is mandatory if the total gross income, including the standard deduction, exceeds:
- Rs.3,00,000 for individuals below 60.
- Rs.3,00,000 for senior citizens (aged 60 to 80).
- Rs.5,00,000 for super senior citizens (aged 80 and above).
The entities listed below are also required to pay taxes and file their income tax returns:
- Artificial Judicial Persons
- Corporate firms
- Association of Persons (AOPs)