Hi,
Can someone please clarify whether the current Assessment year is 2013-14 or 2012-13 and correspondingly the Financial Year is 2012-13 or 2011-12
I am confused because today I went to SBI Branch thinking that I had missed the PPF deposit for the last year (I last deposited the money in PPF account in April 2011) so I wanted to know the penalty applicable if any. That person told me there is no penalty since I deposited the money in April 2011, is this information correct?
Other than this the main issue is that I am currently unemployed. So any money earned from 1st April 2012 to 20 March 2013 (today) is the interest earned on savings bank account and interest earned on FD. There is no other source of money, hence overall my total income is well below the lowest slab i.e Income up to Rs 5 Lacs.
So I am bit confused if I should file Tax Returns or not. I am yet to get the TDS certificate from my bank (it should be with me in a day or two). Can someone please guide me what step should I take. If I am required to file Income Tax Returns which Form should I fill? And do I need a TDS certificate from bank irrespective of whether they have deducted any Tax or not.
Last year one of my friend was in similar situation, hence he didn't filed the returns last year, but he is mulling that he should have filed it. Can someone tell if he needs to file the returns at all? If yes can he do it now? Which forms he would be required to submit? And does he attracts any penalty for not filing it last year?
Looking forward to some answers and guidance.
Thank you.
CAclubindia
