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Filling of ITR Reurn

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I am a senior citizen pensioner. My income will be above 3 lakhs after adding all income from other sources(FD int.), but after legitimate deductions, my taxable income is less than 2 lakhs. In Form 16 given by bank no income tax is required to pay being less than 3 lakhs. If I don't file ITR Reurn what will be the repercussions, as the question of penalty for not filing return may not arise since no Income tax is due.
Replies (5)

You have to mandatorily file ITR as your aggregate income is above Rs. 3 lakhs, i,e, above exemption limit.

  1. Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).
  2. You want to claim an income tax refund
  3. You want to carry forward a loss under a head of income
If your income exceeds 3 lakhs but does not exceed 340000/- you are still not required to file return as you get standard deduction of 40000/- on your pension income .
Based on this you decide and file ITR 1
Better to file your ITR as your Total Income exceeds the basic exemption limit of Rs. 3,00,000.
Thank you very much Sir. As per your advice I filed the return just now.


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