Filing income tax return
This query is : Open
31 January 2014
Dear Sir,
My sister is a working women. She gets Form 16 every year from her employer. The salary which she is getting (for the whole year) does not come under tax bracket. Its less than the tax bracket and no TDS/tax gets deducted from her salary.
1) Does she has to file income tax return even though her income does not fall under tax brackets.
2) if she has to file income tax returns, how to file for last 4 years ?
3) Are there any advantages with filing income tax returns ? or is it waste of time for her as she is not having taxable income.
My sister is a working women. She gets Form 16 every year from her employer. The salary which she is getting (for the whole year) does not come under tax bracket. Its less than the tax bracket and no TDS/tax gets deducted from her salary.
1) Does she has to file income tax return even though her income does not fall under tax brackets.
2) if she has to file income tax returns, how to file for last 4 years ?
3) Are there any advantages with filing income tax returns ? or is it waste of time for her as she is not having taxable income.
31 January 2014
1. Since her total income is less than the taxable limit, she is NOT required to file her income tax return.
2. She can file her return for AY 12-13 and AY 13-14 only.
3. In case she wants to avail a bank loan in the future, she needs to submit a copy of the income tax return with the bank as a proof of income.
Also it is beneficial as it acts as a proof of source of income.
2. She can file her return for AY 12-13 and AY 13-14 only.
3. In case she wants to avail a bank loan in the future, she needs to submit a copy of the income tax return with the bank as a proof of income.
Also it is beneficial as it acts as a proof of source of income.
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31 January 2014
Sidhaartha Bhardwaj sir,
Can't She use Form 16 as Income proof for bank loans ? is it mandatory to have income tax return only to get bank loans ?
Can't She use Form 16 as Income proof for bank loans ? is it mandatory to have income tax return only to get bank loans ?
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