Is there any limit of income below which I need not pay tax?

Ans. At this moment Individual, HUF, AOP, and BOI having income below Rs. 2,50,000 need not pay any Income-tax. In respect of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years and above, the limit is Rs. 5,00,000. For other categories of persons such as co-operative societies, firms, companies and local authorities, no basic exemption limit exists and, hence, they have to pay taxes on their entire income chargeable to tax.

Further, if an individual, HUF, AOP, BOI, and AJP opted for new tax regime under section 115BAC, threshold limit of Rs. 3,00,000 shall be applicable to them. (applicable w.e.f. Assessment Year 2024-25)