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Filing of Income tax return

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174 Points Posted on 28 August 2019
Is it compulsory to file Income tax return by a senior citizen if his income exceeds Rs 3 lakhs, but after giving effect to deductions ie Standard deduction of 40,000, FD int rebate of 50,000 and deduction of Rs. 1,50,000 under sec 80C, his taxable income is Nil. Kindly clarify.
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On 28 August 2019 at 10:46 Report
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3235 Points Posted on 28 August 2019
return is mandatory to file if gross income exceeds basic exemption limit, gross income means income before any deductions.
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On 28 August 2019 at 11:06
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17264 Points Posted on 28 August 2019
in your case if income exceeds 340000/- then you are required to file return as standard deduction is allowable while considering Gross total income .
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On 28 August 2019 at 11:11


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