Interest Income exceeded taxable limit
This query is : Resolved
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
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
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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- STCG FOR GOLD ETFs
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
