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Should I pay tax or not even though my income is less than 1lakh? is yes, what type of tax I should pay?
5 Answers
- 10 years ago
You can not pay income tax as your income is less. But you can file tax-return, which is useful for you in future. Your income doesn't come in tax bracket.
- 10 years ago
You need file return of income only when your taxable income exceedsthe basic exemtion limit of Rs. 160000.Since your income is much below the basic limit you need not pay any tax on your income.
- satabhishamLv 510 years ago
For individuals the basic exemption limit is Rs. 1.6 lakhs. Since your income is less than a lakh you need not file tax returns. however you get PAN card (permanant account number) for future use.This can also be used as identity caard.
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