Hemendra Vyas 24 October 2020
I have been transferring my additional savings in my mother's bank account since last 5-6 years.
I did fix deposits of those amount on my mother's name on which she got interest.
My mother is a house wife and senior citizen and is in 0% tax bracket.
I did not file her ITR and not shown interest income even in my ITR.
Now I am worried and want to correct my mistake.
How can I do it and how much penalty I need to pay?
Thanks in advance.
MAHARAJA SELVA ESWAR 24 October 2020
You can file a belated return for f.y 18 - 19 , and a usual return for f.y19 20 , it should be shown under income from other sources and deduction is available under 80 ttb upto rs 50000