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

Save Share

This query is : Resolved

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)
Follow

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%
.

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now