whether liable to file returns

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2011 Hi,

q1) interest on nre deposits is exempt from tax u/s 10(4).

thus if interest income is 3 lac. such amount is exempt.

Am i liable to file returns??

Q2) interest on nro deposits. tds is deducted at 30.9%.

if my interest income is 7 lacs. since tds is deducted more than my applicable tax slab. Am i liable to file returns??
Are there any penalties involved if filing of return is neccesary. becoz cleary my interest income is taxable at max marginal rate.

Assuming I have no other source of income in india.
Assuming i am living out of india.
i know as the income exceeds limit i am liable to file returns. but as it does not lead to any loss to the revenue dept. can any problems occur.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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17 May 2011 U SHLD FILE RETURN SO THAT U CAN GET REFUND OF EXCESS TAX DEDUCTED
FURTHER SINCE GROO TOTAL INCOME EXCEED THE BASIC EXEMPTION LIMIT IT IS UR RESPOSIBILITY UNDER SECTION 139 TO FILE A RETURN
CA MANOJ GUPTA
JODHPUR
09828510543

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 May 2011 1. No need to file return u/s 139(1).
2. Return is mandatory as per third proviso to section 139(1). Since tax is deducted more than the tax due, refund is allowable. If return is not filed before the end of the relevant previous year, penalty proceedings can be initiated under section 271F.

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