Tax for senior citizens

164 views 3 replies
my mother 70 yrs of age earns 200000 as interest income for AY 2020-2021.

as it is below 5 lakhs, is the total income tax free or not?
Replies (3)

Dear Sir,

The income interest of Rs. 2 lacs earned is a taxable income. It is not a tax free income.

Since the basic exemption limit is higher than Rs. 2 lacs interest income, you donot have to pay any income tax.

Further, since this is interest income, kindly check THE 26AS if any tds has been deducted by bank. If yes, then you can claim refund for the same.

If you are satisfied with above, kindly drop email to capravin87 @ gmail.com 

Have you filed form 15H for non deduction of TDS??
You mother's interest income of Rs. 2 lacs is a taxable income is below to the basic exemption limit so your mother donot have to filed income tax return. but if any TDS deducted than to claim refund of the same you can filed income tax return

Further, you can visit www.taxguide.club for any query and free service.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads
Loading