Income Tax Returns

Under Income Tax Law if your total income exceeds the basic exemption limit: You have to file the Income Tax Return within the prescribed time, i.e. by the due date.

This is applicable for the Assessment Year 2012-13.

As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc) exceeds the basic exemption limit.

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For Assessment Year 2012-13, the basic exemption limits are the following:

•   For Men below the age of 60, the exemption limit is Rs. 1,80,000.

•   For Women, below the age of 60, the exemption limit is Rs. 1,90,000.

•   For Senior Citizens, whose age is between 60 years to 80 years, the exemption limit is Rs. 2,50,000. This is identical for men and women.

•   For Super Senior Citizens, of the age of 80 years or more, the exemption limit is Rs. 5,00,000.

What does Total Income without allowing deductions (such as Section 80C etc) actually mean?

Let’s say, your gross total Income is Rs. 2,00,000. You have paid Rs. 50,000 in LIC premium for claiming deduction under Section 80C. Your Taxable Income is Rs. 1,50,000 (Rs. 2,00,000 – Rs. 50,000). The tax payable on Rs. 1,50,000 is Zero.

However, even in this situation, you are required to file your Income Tax Return as your gross total Income exceeds the basic exemption limit of Rs. 1,80,000. (Assuming you are not a senior citizen).

If you are a citizen of India and you are an employee who is annual income is more than 2.5 lac then it is your duty to pay the tax.

For Male below 60 years of age

Income Tax Slab	Income Tax Rate
Income below 250000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Female below 60 years of age

Income Tax Slab	Income Tax Rate
Income below 250000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Senior citizen above 60 years of age

Income Tax Slab	Income Tax Rate
Income below 300000	Nill
Income from 2.5 lac to 5 lac	10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac

For Senior citizen above 80 years of age

Income Tax Slab	Income Tax Rate
Income below 500000	Nill
Income from 5 lac to 10 lac	20% of the amount which exceeds after 5lac
Income above 10 lac	30% of the amount which exceeds after 10lac