Income tax return filing for income. below 250000


(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


A.S.SUNDARARAJAN (Expert)
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

CMA SIVAKUMAR A,ACMA (Expert)
13 September 2019
yes .Mandatory to file tax return.Please give full amount of FD and Interest received and TDS paid


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