Do my parents need to file itr?

Tax queries 721 views 4 replies

Ashish

Others

32 Points Joined January 2015

Hi, I am a salaried indidual and pay my taxes. I send most of my salary to parents. They have opened fixed deposits from it. I am just wondering do my parents need to file ITR? My father is a shopkeeper and his income falls below than 1.5 lacs. The interest from fixed deposits won't make it more than 2.5 lacs. Do I need to file ITR in this case, since its not required if income is less than 2.5 lacs. Just worried that he might get IT notice asking him explanations behind opening all these fds and not being able to pay tax.

Replies (4)

Guest

Does the fd interest income exceeds Rs 10000? whether bank has cut tds on it or you have submitted 15G/H ?? If it has then u need to file return to claim refund as taxable income is below exemption limit.

Puran Singh Dangwal

Executive Finance & Accounts

101 Points Joined August 2011

Dear Ashish

Ms Renuka is right. If your parents` income from all sources( Including Shopkeeping, Interest on FDs) falls short of the taxable limit ,no need to file ITR. But if bank has deducted any TDS on the FDs, then to claim the refund, they have to file the ITR.

Regards

Puran Dangwal

Arif Ali

Apt Co Advisory

1230 Points Joined June 2009

Hi Ashish,

Your parents has not required to file ITR, it his total income (including interest on fixed deposit) is below than taxable limit.

or if TDS on interest has been dedcuted by bank on non submission of form 15G/H, then ITR should be filed to claim the refund of TDS, if total income is below than taxable limit.