How much income is tax free?

In India, there is a tax-free threshold for individuals below which no income tax is payable. This tax-free threshold is known as the "exempt income limit." As of 2021, the exempt income limit for individuals below the age of 60 is 2.5 lakh rupees (INR) per financial year. For individuals above the age of 60 but below the age of 80, the exempt income limit is 3 lakh rupees per financial year, and for individuals above the age of 80, the exempt income limit is 5 lakh rupees per financial year.

It's important to note that this tax-free threshold is subject to change, and it's best to check the most up-to-date information from the Indian government's official website or from a tax professional. In addition, the exempt income limit applies to the total taxable income, which includes salary income, business income, capital gains, and other sources of income. Individuals may also be eligible for various deductions and exemptions that can lower their taxable income and reduce their tax liability.