Confused About Whether to File Income Tax Returns or Not? Here are All Your Questions Answered

Those who are below the age of 60 come under the exemption limit of Rs 2.5 lakh per year. People whose ages are more than 60 but less than 80 get the exemption limit of Rs 3 lakh per year. It is Rs 5 lakh per year for those above 80 year.

It sometimes happens that the income comes down below 2.5 lakh after application of various deductions. In such cases, a person, despite having gross income beyond the exemption limit, does not need to pay tax. However, that person still has to file ITR.