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
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
