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Taxation from sole earnings from fixed deposits

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The earnings of my spouse is from fixed deposits only. It amounts to less than 5 lakhs per annum.
What is her tax liability according to the rules for taxation?
does she have to file her tax return?
Replies (5)

Yes, she has to file return.

She is under 5% slab rate, subject to rebate u/s. 87A.

there is no requirement to file income tax return if your interest income was below 2.5 lakh but make sure that the If TDS (tax deducted at source ) under section 194A was deducted on your fixed deposit so you may file your ITR to get a refund of tax which was deducted by the bank.

Agree with aditya sood.

But if query is for interest income of above 2.50 lakhs and below 5 lakhs, IT filing becomes mandatory.

yes Rawal sahab I agree if interest income was above 3 lakhs then it is mandatory to file ITR but subject to the deduction part under chapter VI A
all people above answered correctly if your annual income exceeds the basic exemption limit then it's mandatory to file itr/ in case of earning bank interest is exempt upto 10000 so you can claim that benefits over and above 300000 basic exemption limit and other dedn of sec 80 can also be claimed if properly tax planning done then no tax will become payable thok you!! hope my answer satisfy your requirement!


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