banner_ad

Interest Income exceeded taxable limit

This query is : Resolved 
Profile Image

online

Profile Image

online (Querist)
15 September 2020 Dear Friends,

One of my relative a senior citizen aged 65 years having fixed deposited transferred from Her Husband after his demise.  The fixed deposited were held Jointly by her with his major son.  Both of them having PAN but not filed any return so far.

From AY 2017-18 onwards, her income on Fixed deposits exceeded the taxable limit and due to ignorance she had not filed the return.  However to avoid TDS deduction on the Interest Income, She filed Form 15H with the Banks /Nidhis.

The query is : 

01. Whether she can file the return and pay tax for the years she earned taxable Interest

 02. What is the consequences if not filed the return.




Thanks in advance.

Suresh
Profile Image

PURUSOTTAM PANDA

Profile Image

PURUSOTTAM PANDA (Expert)
18 September 2020 Suresh Ji,

1. She can file her ITR for the AY 2019-20 and 2020-21 on or before 30.09.2020 and 30.11.2020 respectively.

2. It is good for her to file ITR once her income exceeded the maximum exemption limit to avoid any inconvenience in future.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details