Taxofile | Tax FAQs

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Yes , you need to file your Income Tax Return if your income exceeds Rs.2,50,000 in a Financial Year i.e. the Basic Exemption limit without giving effect to any type of deductions/Investments as per Income Tax Act. For Senior Citizens the income limit defined is Rs.3,00,000 for age above 60 and Rs.5,00,000 for age above 80.