Rahul (student) (28 Points)
06 August 2011my wife earn 1,60,000 per year by tailoring,selling sarees,beauty parlour etc...and she deposit 1,60,000 direct into fixed deposit because i pay for running house.So can you tell me she will have any problem from IT department or she should pay any tax or tell me she should file IT return
so please tell me
RUPESH CHOUDHURY
(Student)
(484 Points)
Replied 06 August 2011
pahuja
(C.A Final Student )
(472 Points)
Replied 06 August 2011
Hi Rahul , There is no any requirement to file I.T.R in case of your wife .Her income is below the Exemption limit. And there is no any problem with F.D.
Thanks and Regards
Suraj Pahuja
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 06 August 2011
Though its not required to file the return, but you have to keep the accounts of such income which is deposited to the bank, to avoid any litigation by taxmen in future.
Anshul
(.)
(375 Points)
Replied 06 August 2011
| Originally posted by : U S Sharma | ||
 |
Though its not required to file the return, but you have to keep the accounts of such income which is deposited to the bank, to avoid any litigation by taxmen in future. |
 |
AGGRED
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 06 August 2011
not required to file income tax return
Nitin Grover
(CS)
(1228 Points)
Replied 06 August 2011
Dear Rahul
As per Rules a person having Gross Income less then basic Exemption limit no need to file ITR. (its not compulsory)
Exemption Limit - 190,000
Income - 160,000
so no need to file ITR.
Feel free to ask any further query relates with VAT, ROC, Income Tax, etc or work
Regards
CS Nitin Grover
+91-9582009494
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 06 August 2011
CA Akshay
(Employee)
(151 Points)
Replied 06 August 2011
Dear Rahul,
As your wife's income is below exemption limit, she does not require to file ITR as per Income tax Act.
You should maintain a track on amount of fixed deposit with bank and other investments and income over them. At the same time if you file a return that is also in favor of you as your wife does not have to pay any tax and whatever income she disclose is become white income for you to invest at anywhere.
Further if the total interest on FD's is exceeded from Rs.10000/- the same bank or financial Institution deduct TDS over it. In this case your wife must have file return to claim TDS.
Conclusively it is not compulsory to file Income tax return for your wife but at the same time it is in favor of you to file the return
Regards
Akshay Sharda
CA R K SINGH
(CA CS FINAL CMA INTER)
(372 Points)
Replied 06 August 2011
Rahul , the topic posted by Akshay is absolutely correct. I m completely agree with Akshay. In case the Bank deduct TDS on Interest Payment on FD you can give
FORM NO. 15G
{Declaration under sub-sections (1) and (1A) of section 197A of the
Income-tax Act, 1961, to be made by an individual
or a person (not being a company or a firm) claiming
certain receipts without deduction of tax} }
duly certified by Assessing Officer for non deduction of tax by bank in case the total income of your wife doesn't exceed the basic exemption limit.
RUPESH CHOUDHURY
(Student)
(484 Points)
Replied 06 August 2011
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 06 August 2011
I have read the vies of all experts and agree with the view of Akshay and R K Singh. If She is earning Rs 160000/- then it is advisable to file the return.
I hope that you should wish that the income should rise the taxable limit , even if she has to pay some amount of tax.
Let the Banks deduct TDS.
In furture, her Income Tax file may become very useful to you.
CA Hemang Shah
(PRACTICE)
(658 Points)
Replied 07 August 2011
Pradeep Kumar
(CA article,B.COM,CS)
(303 Points)
Replied 07 August 2011
not required to file income tax return
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