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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 31, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Nagaraju Question by Nagaraju on Jul 31, 2023Hindi
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Dear Sir, am 60 years of old and since covid 2019 am job less and depending on my kids income is that have to file IT Returns without any source of funds and incomes.

Ans: Dear Nagaraju,

I understand your concern. As per the Income Tax Act in India, if your total income in a financial year does not exceed the basic exemption limit of Rs 3 lakh for senior citizens (60 years to below 80 years of age), then you are not required to file income tax returns.

However, if your total income, including the income of your children that you are dependent on, exceeds this limit, then you would be required to file a return.

I hope this helps.

Best regards,
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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