Understanding Income Tax Exemption Limits in India for 2022-23

Discover the income tax exemption limits in India for individuals and senior citizens for 2022-23. Learn how to maximize your savings!

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In India, the financial year 2022-23 has an income tax exemption limit of ₹2.5 lakh for individuals below 60 years. For senior citizens (60 to 80 years), the limit is ₹3 lakh, and for super senior citizens (above 80 years), it is ₹5 lakh. Additionally, standard deductions, rebates, and exemptions can be applied to further reduce taxable income, such as under sections 80C, 80D, etc.

FAQs & Answers

  1. What is the income tax exemption limit for individuals in India? In India, for the financial year 2022-23, the income tax exemption limit is ₹2.5 lakh for individuals below 60 years.
  2. How much is the income tax exemption limit for senior citizens? For senior citizens aged 60 to 80 years, the income tax exemption limit is ₹3 lakh.
  3. What is the exemption limit for super senior citizens in India? Super senior citizens, those above 80 years, have an income tax exemption limit of ₹5 lakh in India.
  4. How can I further reduce my taxable income under Indian tax laws? You can reduce your taxable income using standard deductions, rebates, and exemptions under sections 80C, 80D, and more.

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