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Filling of ITR Reurn

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174 Points Posted on 29 August 2019
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.
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On 29 August 2019 at 15:06 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 29 August 2019

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

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On 29 August 2019 at 15:07
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bishnu_bhuwalka2001@yahoo.com
30 Points Posted on 29 August 2019
  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
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On 29 August 2019 at 15:35
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17264 Points Posted on 29 August 2019
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
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On 29 August 2019 at 15:47
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Student
23693 Points Posted on 29 August 2019
Better to file your ITR as your Total Income exceeds the basic exemption limit of Rs. 3,00,000.
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On 29 August 2019 at 17:33
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174 Points Posted on 29 August 2019
Thank you very much Sir. As per your advice I filed the return just now.
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On 29 August 2019 at 18:31


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