Income tax return

ITR 782 views 6 replies

kabs

xyz

144 Points Joined June 2012

Hello Please guide me for Income tax return filling

I have two query as below:

1) I am student.Earning rs 4000 per months from Goggle ad sense of my website.besides this i have earn income as a Bank interest on my Fixed Deposits.However, my total income including Bank interest does not exist Rs. 60,000 per year.

Now, my problem is that i want to file a return but i am facing the following doubt

>> My income form goggle adsense will be under which heads.
>> Do i have to attached any evidence with my reutrn for my income.IF yes, then what can i show for evidence.....

SECOND QUERY

2) MY brother used to sell e digital embroidery files online.Even he want to file a return this time.Usually he earn 10000 PM by the way of selling digital embroidery files online.Now, do even he has to show any evidence while filing return, if yes then what?
Second, under which head this income from selling embroidery designs will fall.

Please note that in above both case selling designs is not our business,We are just a students and for the sake of pocket money we do working on website.Besides, being a computer engineer we have made the website itself.So no other chareges involved in it.

BY THE WAY WHICH FORM I HAVE TO FILL???

Replies (6)

AMIT KUMAR JAIN

94 Points Joined January 2010

I request you and your brother not to go for filing Income Tax Returns unless your Annual Income from all the sources exceeds Rs.2 Lakh or In case the Bank is Deduting TDS from your Interest Income.

himanshu

articled assisstent

44 Points Joined September 2011

still if u hav to file return then u shud show ur income under the head "income from other sources" and u dont have to send any proof with the return

kabs

xyz

144 Points Joined June 2012

Actually Bank has deduct TDS from my account.I dnt mind to forget that money, even dnt want to have refund.But my problem will it cause any problem if i do not fill return as i have disclosed my PAN card to Bank.

I have already filled 15 G form and please note that none of our income is greater than taxable limit.

AMIT KUMAR JAIN

94 Points Joined January 2010

If you want to forego your TDS then you and your brother need not file the Income Tax returns as none of your Income exceeds the basic amount not chargeable to Income Tax.

You will not face any problem either from the Bank or from the Income Tax Department.

CA Prateek Garg

CA in Practice

1447 Points Joined November 2009

Agreed with Mr. Amit

As per Income tax act only those persons are liable to file Return of Income whose total annual income exceeds the basis exemtion limit prescribed for a particular year

For Year 2012-13 this basic exemption limit is Rs. 2,00,000/-.

since income of both, you and your brother is less then Rs. 2,00,000/- hence both of you are not liable to file Return in any case.