Income tax on income from inherited shares and fds

Dear friends and professionals,

I am person of Indian origin with foreign citizenship. Have a PIO card and PAN card. In year 2017, I have inherited funds from FDs and a DMAT account . Bank has trasmitted these accounts under my name based on nomination from my deceased mother. These assetts are part of my deceased father's Estate where I am the legattee in his Last Will.  My mother was life interest beneficiary and was receiving income from these accounts for 13 years. My father's Will  is in process of Probate in the Court.

(1) As these funds are in my individual name now and bank is deducting TDS on interest and dividend income...what kind of income tax paperwork i am required to file and when ? 

Thank you.

Replies (3)

For financial year ending 2017-18, you are required to file ITR for AY 2018-19 (before 31.07.2018); for the income earned and accrued in India (i.e. bank interest etc)  and claim any excess TDS deducted.

Thanks.

What happens If I am unable to file ITR until October2018 ?  What is the punishment for late filing ?

1000/- late fees

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

Sahil Agarwal & Company

Mumbai

CA Inter

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 28 July 2026
Article/Intern/Semi-Qualified/Fresher B.Com

VNSS & Co

Mumbai

Others

View Details
Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
16 July 2026
Manager - Finance & Accounts

Aliens Group

Hyderabad

CA Final

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details