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Advise for fixed deposit (ITR)

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Sandeep Jain

Pivate

1492 Points Posted on 03 February 2022

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.

Replies (4)

Quick Summary

This discussion addresses whether an individual with annual income below the basic exemption limit but significant Fixed Deposit (FD) interest needs to file an Income Tax Return (ITR). The consensus is that if your taxable income remains below the threshold, you are generally not required to file an ITR, even with FD interest appearing on your AIS. However, if your income has exceeded the basic limit in previous years and you've filed, it's advisable to continue doing so to avoid potential issues.