ONE OF MY RELATIVE IS HAVING INCOME FROM INTEREST ON FIXED DEPOSIT AND SAVING BANK INTEREST AND THE TOTAL INCOME COMES TO AROUND RS. 8000 P.A. I WANT TO KNOW WHETHER SHE IS REQD. TO FILE INCOME TAX RETURN AS HER INCOME IS WELL WITHIN THE CURRENT SLAB RATE OF RS. 200000?
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Income tax return
Replies (5)
It is advisable to file the Income Tax Return even if the Income is within the basic taxable limit, as copies of Income Tax Return are required as Documents if the Assessee has to fly abroad.
Regards,
Devendra Kulkarni
Thanx for ur instant rply..But i want to know is it mandatory to file or not as there are no future plans to fly abroad?
No it is not mandatory in ur case.....but its recommended.
Agreed with Devandra & Tushar
Kindly also refer section 139 - Return of Income.
According to Sec 139, a person is required to file the income tax return if his total income exceeded the maximum amount which is not chargeable to tax (at present Rs. 2,00,000/-). Means if his total income is less than Rs.2,00,000/-, he is not bound to file the income tax return until he receive any notice from income tax department to file the return. However, there is no bar on filling the return voluntarily. Please also note that interest on saving account is exempt upto Rs.10,000/-.
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