Capital and taxes calculation on first time return of sr.czn

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Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2012 My aunt aged about 63 yrs,a non-assesee and has only rent income & receipts from relatives & bank interest which is almost equal to the exempted limit. Her total savings of life would be 14-15 lacs. Does she need to file returns and if she does will her entire savings of life Rs.15 lacs be taxable ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

23 February 2012 Yes, it is advisable to file returns by showing the particulars of income correctly.
.
Only yearly income , exceeding the specified limit is taxable. Tax will be levied in the following manner if her income is below Rs. 5.00 lac for the current FY

(Income-Exempt Limit) x 10%
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Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2012 Thanks for your guidance sir, your reply cleared the confusion.

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2012 Sir, i wanted to know, is there any specific limit of declaring one's capital fund if the person is filing returns for the very first time.

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