Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Saving from Salary

299 views

Save Share

Naveen Kumar

729 Points Posted on 23 January 2022

Dear Sir, A person has saving Rs. around 70K to 80K since 2009 but not filling ITR due to his annual income is less then basis limit. Saving amount he converted to FD from post office and from bank. in previous year his annual income is exceeded due to interest on FDR and saving account. He filed ITR so Can he face any issue from IT department due to FDR value please suggest.

Replies (5)

Quick Summary

A user saved between Rs. 70K-80K from 2009, initially not filing ITR as income was below the threshold. Savings were converted to FDs, leading to interest income that exceeded the taxable limit last year, prompting ITR filing. The user is concerned about potential issues with the IT department regarding the FDR value. Experts advise that with proof of income (salary slips available from 2012 onwards, cash receipts for earlier years) and a clear source for the savings, there should be no significant issues.

mamta

121 Points Posted on 23 January 2022

If you have proof of income since 2009 and it is also dependent amount of fd how much fd please let us know but you did not face issue because you was working and deposit in bank but you must have sources of income if department ask you can proof but generally department will not ask