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Tax for senior citizens

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Ramakoti Amara

116 Points Posted on 28 April 2020

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)

Quick Summary

For the financial year 2020-2021, interest income of £200,000 earned by a 70-year-old senior citizen is taxable. However, as this amount is below the basic exemption limit, no income tax is payable. It is advisable to check Form 26AS for any Tax Deducted at Source (TDS) by the bank and claim a refund if applicable. Filing an income tax return may be necessary to claim this refund, even if no tax is due.

PRAVIN AGRAWAL

PROPRIETOR

56 Points Posted on 28 April 2020

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

Kiran Hathalia

460 Points Posted on 29 April 2020

Have you filed form 15H for non deduction of TDS??

CA Jitendra Daraji

Owner

132 Points Posted on 29 April 2020

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.