What is the basic exemption limit for individual taxpayers below 60 years of age in India for the financial year 2022-23?
Practice Questions
1 question
Q1
What is the basic exemption limit for individual taxpayers below 60 years of age in India for the financial year 2022-23?
2.5 lakhs
3 lakhs
5 lakhs
10 lakhs
The basic exemption limit for individual taxpayers below 60 years of age is 2.5 lakhs.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the basic exemption limit for individual taxpayers below 60 years of age in India for the financial year 2022-23?
Solution: The basic exemption limit for individual taxpayers below 60 years of age is 2.5 lakhs.
Steps: 5
Step 1: Understand that the question is asking about the basic exemption limit for individual taxpayers in India.
Step 2: Identify the age group mentioned in the question, which is individuals below 60 years of age.
Step 3: Recall the financial year in question, which is 2022-23.
Step 4: Know that the basic exemption limit is the amount of income that is not taxed.
Step 5: For the financial year 2022-23, the basic exemption limit for individual taxpayers below 60 years of age is set at 2.5 lakhs (2,50,000 rupees).
