What Is the Current Tax Exemption Limit in India for Different Age Groups?
Understand the latest tax exemption limits in India for individuals, senior citizens, and super senior citizens for the financial year.
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In India, the current tax exemption limit for individuals below 60 years is ₹2.5 lakh per annum. For senior citizens (60 to 80 years), it is ₹3 lakh, and for super senior citizens (above 80 years), it is ₹5 lakh. This means that an individual's income up to these limits is not subject to income tax.**
FAQs & Answers
- What is the tax exemption limit for individuals below 60 years in India? The tax exemption limit for individuals below 60 years in India is ₹2.5 lakh per annum.
- What are the tax exemption limits for senior and super senior citizens in India? Senior citizens aged 60 to 80 years have a tax exemption limit of ₹3 lakh, while super senior citizens above 80 years have a limit of ₹5 lakh per annum.
- Does income above the tax exemption limit attract income tax? Yes, any income above the respective exemption limits is subject to income tax as per applicable tax slabs.