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?
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Tax for senior citizens
Replies (3)
Quick Summary
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.
Further, you can visit www.taxguide.club for any query and free service.
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