ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -disposable-after taxes. discretionary-after taxes and after every day living expenses. the amount of money you deposit into a savings account is called the. principal.

Detailed explanation-2: -If your total interest income is below Rs 10, 000 then you do not have to pay tax on it. However, this does not mean that you can avail of tax free interest income by having multiple savings accounts where the interest earned is below this threshold.

Detailed explanation-3: -Who is eligible for income tax return? While any one having a valid PAN is eligible to file IT return even if their income is below exemption limit, it is mandatory for companies and firms to file ITR. Individuals whose taxable income exceeds the maximum amount not chargeable to tax are eligible for income tax return.

Detailed explanation-4: -According to the amendment, salaried individual with a taxable income of less than Rs. 5 lakh will not have to file income tax returns in the current assessment year. As such, individuals with a total taxable salary income of less than Rs. 5 lakh & bank interest upto As.