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A person with an annual income below the taxable threshold is concerned about potential income tax department queries regarding a large fixed deposit. They have been saving a significant amount annually since 2008. The advice given is that the fixed deposit is permissible as long as the source of funds is explainable. It's also recommended to file an Income Tax Return even if income is below the taxable limit, as it can be useful in the future.

Sumit Arora

Sumit Arora (Querist)
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10 April 2020 Respected Sir,

I never filed Income tax return because my annual income is less then 250000/-. But i am saving every year 70K to 80K in each year from 2008 ( In my saving account) if can i make fixed deposit for RS.700000/- Does income tax department raise any question to me about that. Please advise to me.