It return to be file or not

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Tejas Upadhyay (Querist)

15 March 2014 My father has only income from FD Interest & which is below 2 lacs, In the current year TDS was deducted by bank, but my father dont want to claim that TDS.. In that case, is ITR filing is still compulsorry ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

15 March 2014 According to the Income tax provisions those who has taxable income or TDS or TCS credit must and should be required to file return of income.

Since your father has TDS credit so he must and should be required to file his income tax return and shall claim TDS credit and claim for refund if any after adjustment to tax payable if any.

OM SAI SRI SAI JAI JAI SAI

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)

15 March 2014 Agreed, there is no reason not to file income tax return and claim refund. if your father think about any other thing for not to claim or file income tax return then he will be loosing some money if he has no taxable income.
its really appreciated if you guide your father to file income return and tell him not need to worry. its important and fruitful as per your query.

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Tejas Upadhyay

Tejas Upadhyay (Querist)

15 March 2014 Sir can you please state under which rule return must have to be filed? that will be more helpful.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

15 March 2014 1. Firstly since the income is LESS than the exemption limit, the assessee is NOT required to file his return of income.

2. There is NO condition in the Income Tax Act that it is MANDATORY to file return if TDS has been deducted.

3. However, the department may serve notice on the assessee for non-filing because TDS has been deducted.

Question: Why you do not want to file the return??

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Tejas Upadhyay

Tejas Upadhyay (Querist)

15 March 2014 Amount of TDS is very minor, & specifically i want to know the provisions of non filing ITR inspite of TDS deduction with having below taxable income.. please clarify.

CA. ASHWANI MAURYA

CA. ASHWANI MAURYA (Expert)

15 March 2014 You may file return, but it is not compulsory to file return if taxable income is below exemption limit.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

18 March 2014 1. Section 139 deals with filing of income tax return.

2. Fifth proviso to Section 139(1) provides that an individual or HUF is required to file return of income of the total income BEFORE deduction under Chapter VIA exceeds the maximum amount not chargeable to tax.

3. So it is NOT mandatory to file return of income if TDS has been deducted, provided that the above condition is satisfied.

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