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of <h1>Income tax exemption limits: individuals and HUFs exempt below Rs.2,50,000; seniors higher; 115BAC electors Rs.4,00,000</h1> Individuals, Hindu Undivided Families, Associations of Persons and Bodies of Individuals with total income below Rs. 2,50,000 are exempt from income tax; resident individuals aged 60-79 have a basic exemption limit of Rs. 3,00,000 and residents aged 80 or above have Rs. 5,00,000. Corporate and non-individual entities such as firms, companies, co-operative societies and local authorities have no basic exemption and are taxable on their entire chargeable income. Electing taxpayers under the new tax regime (section 115BAC) will have a higher threshold limit of Rs. 4,00,000 (effective for Assessment Year 2026-27).
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