Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

Filing of income tax return

ITR Filing 567 views 6 replies

gupta

Accountant

305 Points Posted on 23 July 2015

Dear All ,

Can anyone guide me on which file should I file my Income Tax return, when :-

1) I have only Salary Income.

2) Interest on Fixed deposit from Bank / Post Office.

I have some investment in MF also but it is not sold in 2014-15 but invested 3 years back should it to be shown , and profit on this should I show on accrual basis?

Waiting for a earliest feed back.

Jayanta

Replies (6)

Z

Tax Consultation (US and India)

2970 Points Posted on 23 July 2015

ITR-1 maybe used. There is no capital gain either. Income from mutual funds is an exempt income u/s 10(23D) , disclose this in schedule EI [Exempt income]

raghavan

self

611 Points Posted on 23 July 2015

Accrual basis is not possible for MF Invt. U should incl income of savings bank int and claim under 80tta. Ppf int can be shown under EI income

Udgam Koomar

Tax Technologist

1949 Points Posted on 24 July 2015

Please go ahead with ITR1.

sambit kumar

Student

51 Points Posted on 24 July 2015

U file itr-1 as u earned income under salary and interests

CA SANDESH MAHIPAL

Practicing in GST and MSME

1985 Points Posted on 24 July 2015

You should file itr 1...show salary income under salary head, interest on fd and saving a/c under income from other sources. Claim deduction u/s 80tta for saving bank interest only. Income earned from MF is exempt u/s 10(23D), show this under exempt income. Accrual basis can not be applied in this case.