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
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.
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.
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