As I understand, it is only mandatory to file tax returns if Gross Total Income is above 2.5 lakhs.
Therefore if I have received interest of Rs.8 lakhs from NHAI tax-free bonds, which is exempt from tax (section 10-15-4-h), and the rest of my income is 2 lakhs, then my gross total income is only 2 lakhs, not requiring me to file a tax return.
Is this correct?
Jaysin Koregaokar
Yes, your understanding is correct, but there is a possibility of receiving automated notice to explain the credit of 8 Lakhs in your hands, to which you can reply that it's an exempted income.
As such no requirement of filing the return, but I'd recommend that you do it. It is helpful in the long run.
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