The basic exemption limit for individual taxpayers below 60 years of age is 2.5 lakhs.

The due date for filing income tax returns for individuals is 31st July of the assessment year.

The due date for filing income tax returns for individuals in India for the financial year 2022-23 is 31st July 2023.

The GST rate applicable on most goods and services in India is 18%.

The standard GST rate applicable on most goods and services is 18%.

The standard GST rate applicable on most goods in India is 18%.

The standard GST rate applicable on most goods is 18%.

Luxury goods are taxed at the highest GST rate of 28%.

The GST rate on most goods and services in India is 18%.

The GST rate on restaurant services is generally 18%.

The GST rate on services provided by a restaurant that is not air-conditioned is 5%.

The GST rate on services provided by a restaurant is generally 5%.

Essential goods are typically taxed at a GST rate of 0%.

The GST rate on the supply of restaurant food is 5%.

The supply of services related to education is exempt from GST, hence the rate is 0%.

Input tax credit (ITC) refers to the tax paid on inputs that can be claimed back against the output tax liability.

Input tax credit refers to the tax paid on inputs that can be claimed back against the output tax liability.

The limit for claiming a deduction under Section 80D for health insurance premium for a family including parents is Rs. 50,000.

The limit for claiming standard deduction for salaried individuals in the financial year 2022-23 is 50,000.

The limit for standard deduction for salaried individuals for the financial year 2022-23 is Rs. 50,000.

The limit for tax-free gifts received by an individual in a financial year is 50,000.

As per the Income Tax Act, the maximum deduction available under Section 80C is Rs. 1,50,000.

The maximum deduction available under Section 80C for the financial year 2022-23 is Rs. 1,50,000.

The maximum deduction available under Section 80D for health insurance premiums for senior citizens is Rs. 50,000.

The maximum deduction available under Section 80D for health insurance for a family including parents is 50,000.

The maximum deduction available under Section 80C for investments in specified financial instruments is Rs. 1,50,000.

The maximum deduction available under Section 80C is Rs. 1,50,000.

The maximum deduction available under Section 80D for health insurance premiums for a family including parents is 50,000.

The maximum deduction available under Section 80D for health insurance premium for a family including parents is Rs. 50,000.

There is no maximum limit for deduction under Section 80E for interest on education loans.