Dear Sir,
please suggest Mr.A is not filed income tax return because his annual income is less then 250000/-but he is saving every year Rs.60 thousand to 70 thousand ( in saving account)per year from since 2005. in 2012 he was made fd from bank Rs.5 lac and one fd in year 2020 RS. 8 lac and now again in year 2021 he made Fd Rs 2 Lac all fd renewal in every year. So can Mr.A face any issues from IT department. interst from fd reflects in AIS form in previous year his annual income exceed from basic limit and he filed ITR.
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Advise for fixed deposit (ITR)
Replies (4)
Quick Summary
There won't be any issue since taxable income is below the basic exemption limit.No need to file ITR.
Thanks you very much Sir,
U r not liable to file ITR,if income is below exemption limit.
If all the returns are filed every year there will be no problem
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