Income tax return filing for income. below 250000
This query is : Resolved
H S Acharya
(Querist)
11 September 2019
Dear Expert ,
My daughter has income less than 250000 but she has couple of lakhs FD but had deducted TDS . Since income is below 250000 is it mandatory to file IT returns because of TDS deducted by bank
My daughter has income less than 250000 but she has couple of lakhs FD but had deducted TDS . Since income is below 250000 is it mandatory to file IT returns because of TDS deducted by bank
11 September 2019
As TDS deducted by the banker for Fixed deposit it will be reflect in your daughter 26 AS ( Income and TDS will appear in 26 AS) . Hence , Income tax return to be filed showing interest income and other income if any. The system will automatically deduct basic exemption of Rs.2,50,000 and refund amount to the tune of TDS will come in IT return . Suggested to file on line return . But the due date of filing Income Tax return for the FY 2018-19 was 31.08.19. Hence the system will charge late filing fees of Rs.5000/- now.
Gokul Sharma
(Expert)
11 September 2019
as the total income is below 500000 fine is 1000
13 September 2019
yes .Mandatory to file tax return.Please give full amount of FD and Interest received and TDS paid
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
