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What is the threshold income limit to file tax returns?- Property Hotline
Posted
December 8, 2016
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December 8, 2016
184
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5:33Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: I'm a freelancer and work as a contract agent. My employer pays me my salary via Bank to Bank transfer. My salary is Rs 22,500. Could you please advise me if I need to file tax returns? Also my sister is studying in Government Ayurveda College and is earning Rs 25,000 as stipend. Could you please advise if she also needs to file tax returns?
Answer: Any person is concerned he/she needs to file income tax returns only if his income exceeds basic threshold limit. The current threshold limit is Rs 2.5 lakh p.a. Calculating your salary yearly it comes to Rs 2.7 lakh. Technically you are supposed to file your tax returns. You can also invest in savings scheme to get tax exemption.
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