SHORT ANSWER:
The taxable income limit varies based on the individual's age and the applicable tax slab.
DETAILS:
- For individuals below 60 years, the basic exemption limit is ₹2.5 lakh.
- For senior citizens (60 years and above), the limit is ₹3 lakh.
- For super senior citizens (80 years and above), the limit is ₹5 lakh.
PUNISHMENT / IMPLICATIONS (if applicable):
- If income exceeds the limit, the individual must file income tax returns and pay applicable taxes.
SOURCE:
- Income Tax Act, 1961
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