Should my wife file it return

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

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. 

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

not required to file income tax return

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

no need of filing return as her income is less than basic exemption limit ...

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

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. 

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.

not required to file income tax return