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What is the basic exemption limit for individual taxpayers below 60 years of age

Practice Questions

Q1
What is the basic exemption limit for individual taxpayers below 60 years of age for FY 2022-23?
  1. Rs. 2,50,000
  2. Rs. 3,00,000
  3. Rs. 5,00,000
  4. Rs. 1,50,000

Questions & Step-by-Step Solutions

What is the basic exemption limit for individual taxpayers below 60 years of age for FY 2022-23?
  • Step 1: Understand that the question is asking about the basic exemption limit for individual taxpayers.
  • Step 2: Identify the age group mentioned in the question, which is individuals below 60 years of age.
  • Step 3: Recognize that the financial year (FY) mentioned is 2022-23.
  • Step 4: Recall or look up the basic exemption limit for individual taxpayers for the FY 2022-23.
  • Step 5: Conclude that the basic exemption limit for individual taxpayers below 60 years of age for FY 2022-23 is Rs. 2,50,000.
No concepts available.
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