No tax on income of upto 5 lakh:- PM Modi

Delhi Nov, 11 (PTK) Nil tax on income of up to Rs 5 lakh helping low-income individuals; corporate tax has seen historic reduction. India among select nations which recognise taxpayers’ rights and responsibilities; step towards creating trust in tax system, said PM Modi

Pertinently the budget presented by Nirmala Sitharaman in the Parliament, kept the personal income tax rates and slabs changes as announced in the Interim Budget 2019 unchanged. This meant that those having taxable income of up to Rs 5 lakh will not have to pay tax for FY 2019-20.

However, if you thought that having a taxable income of up to Rs 5 lakh meant bye-bye to the tax department think again. You can avail of the zero tax benefit announced in Budget 2019 but you still need to file your income tax return (ITR). The income tax exemption limit for all citizens below 60 years still remains at Rs 2.5 lakh and for senior citizens Rs 3 lakh.

Therefore, if you are earning anything above these exemption limits annually then you are mandatorily required to file your ITR. You can claim the rebate of all tax payable if your taxable income is up to Rs 5 lakh under section 87A in your ITR when you file it. If you have income up to Rs 5 lakh but don’t file your ITR assuming that your tax payable is zero you are liable to get a notice from the income tax department.(PTK)