My DOB 26-07-1946. Exemption limit of IT for FY2011-12

My DOB is 26-07-1946. I have completed 65 years on 26-07-2011. For the financial year 2011-12 my total income is 310000, deposits under 80C is 70,000. I will have to pay any income tax?

asked Mar 24 '12 at 16:15 by E Keshavan Kutty 111

For financial year 2011-12, for all individuals above sixty years of age, there is no income tax up to Rs 2.5 lakh of taxable income.

As after 80C deduction, your net taxable income is 2.4 lakh, you need not to pay any income tax.

answered Mar 27 '12 at 14:02 by Pankaj Batra 5.2k320


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Asked: Mar 24 '12 at 16:15

Seen: 1,511 times

Last updated: Mar 27 '12 at 14:02