Understanding TDS Limits for Income Tax Returns (ITR) Based on Age & Income

Learn about the TDS limits for filing your ITR based on age and income categories. Stay informed to avoid penalties!

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The TDS limit for ITR depends on the individual's income category and age. For salaried individuals below 60, no Tax Deducted at Source (TDS) is deducted if the total income is below ₹2.5 lakh per annum. For senior citizens (60-80 years), the limit is ₹3 lakh, and for super senior citizens (above 80 years), the limit is ₹5 lakh. Ensure you file your Income Tax Return (ITR) accurately to avoid penalties.

FAQs & Answers

  1. What is the TDS limit for individual taxpayers in India? The TDS limit in India varies by age and income category. For individuals below 60, the limit is ₹2.5 lakh per annum. For senior citizens between 60-80 years, the limit is ₹3 lakh, and for super senior citizens above 80 years, the limit is ₹5 lakh.
  2. Do I need to file ITR if my income is below the TDS limit? Filing an Income Tax Return (ITR) is still recommended even if your income is below the TDS limit to maintain records and avoid future penalties.
  3. What are the penalties for not filing ITR on time? If you fail to file your ITR on time, you may face penalties, which can include fines and interest on unpaid taxes, along with potential issues when seeking loans or financial services.
  4. What is TDS and why is it deducted? Tax Deducted at Source (TDS) is a means of collecting income tax in India. It is deducted by the payer before making payments to the payee, which is then remitted to the government to ensure tax compliance.

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