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Is itr filing required for fd interest earning only ?

Ram.J (Others) (61 Points)

25 September 2015

If FD interest earning is below Rs. 4 lac in FY 2014-15 and PPF deposit under 80C is Rs. 1.5 lac, then is there any necessity to file an ITR, assuming there is no other income ?

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7 Replies

CA Suri Kota (Assistant Manager @ EY) (955 Points)
Replied 25 September 2015

ITR is not required for income purposes. But as the TDS will be deducted on such FD interest, you need to file ITR to claim such deducted tax as refund.

Miss Rinkal (Student) (1304 Points)
Replied 25 September 2015

@ RAM J.

If you have only FD interest and no other taxable income and that FD interest is below the basic exemption limit then you are not required to file your return. I.e to say your gross total income should not exceed the basic exemption limit.

In the present case you are required to file your return, Deductions u/c VI A are not to be considered for determining mandatory filing of return

Miss Rinkal (Student) (1304 Points)
Replied 25 September 2015

@ CA SURI KOTA:

I dont agree. Apart to claiming refund, it is mandatory to file return if GTI exceeds basic exemption limit. Refer Sec139(1)

Rashi Bajaj (CA) (752 Points)
Replied 25 September 2015

Agree wth Rinkal.

kamaljeet (student) (76 Points)
Replied 27 September 2015

To claim refund whether the amount did not exceed the basic exemption limit you have to file itr .

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 27 September 2015

Its not just about refunds, you have to file the return in this case even if you dont have any refund. How is government supposed to know if you have done tax saving investments! In salaried cases below 5 Lac where you have a form 16 that encompases all incomes and VIA deductions and all taxes are paid then it can be exempted as form 16 can be treated a return as these details are there in TRACES. Still in this salary case also if you have refund you have to file return.