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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- TDS on TRUST
- Consolidated financials
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
