Question

The exemption limit for general menaged 50years or less in income tax in the financial year 2010-11 is

• A. 1.60 lacs
• B. 1.50 lacs
• C. 1.90 lacs
• D. 2.40 lacs

Hint:

Theexemptionlimitforgeneralmenaged50yearsorlessinincometaxinthefinancial year 2010-11 is

Answer 1

The Correct Option is A

For the Financial Year 2010-11 (Assessment Year 2011-12), the basic income tax exemption limit for individuals (Men and Women below 65 years at that time) was 1,60,000 (1.60 lacs) (1). Rejecting Options: (2) was for earlier years. (3) was for senior citizens (65+). (4) was for very senior citizens (80+).