Hi,

I was wondering if I need to file for Income Tax Returns for the assesment year 2011-12?

I have been out of job for more than a year didn't earn a rupee in the financial year 2010-11 except for the interest (round Fifteen Thousands rupees) I got on my bank deposits.

If I do need to file the tax returns please let me know which form do I need to submit and if there is different procedure for filing the tax returns for the income obtained from other sources (I guess it will be classified as income from other sources).

Thanks and Regards.

It will be good if you file the tax return by filing ITR-1 and show the income from Interest under income from other sources though the tax liability will be NIL. A person having a PAN number should file the tax returns.

No

It is true request to u dont file he return u wont get any problem in further i can bet to anybody who says that if dont file the return u will get problem regarding income tax issuses as per the income tax act, 1961.

Also it is not complusory to file return u have the Pan card nowhere it has been said in the act or rules that if the any persons holds the pan card he/she has to file the return as per the income tax act, 1961 or income tax rules, 1962.

Enjoy Your Life OK

have a good day

God Bless U.

Since your Total income is less than the limit exempted under the Income Tax Act, it is optional for you to file your return of income. However, if you want to declare the interest received on FDR's then the prescribed form is Saral II

As your Income is below taxable minimum, you neednot file the return of income. But as per your querry, your income is far below to the standard living. You may be ask how you are maitain yourself and whar are the souces for the same. Please taken into your mind and act accordingly. 

Thank you all for the suggestions. I will do the needful. 

As far as the question of sustaining myself, currently I am eating into my saving which I have collected over the years and for which I have already paid taxes in the previous financial years.

Also I am not married nor do I have any loans or EMI's to pay, hence somehow I am able to sustain my self.

Thanks and Regards.

if a person is earning income from agriculture and from his govt. job is his agriculture income is exempted or he has to pay tax on agri income.

if tds has been deducted from your interest income then you should file income tax return in order to claim refund of tds amount, as your income doesnt exceed the basic exemption limit as per sec 139(1) of the it act 1961.

At the top when I saw the simple question of Mr. Tushar Bansal, I thought that I shall reply in two words “Don’t bother”. But when I rolled down to post my answer I saw the avalanche of diverse advices and got thoroughly confused. And when I saw the advice of Advocate M. V. Giri, that was the limit. I thought I should tell Mr. Tushar Bansal “be ready for an income tax raid”. Mr. Tushar Bansal, did you get sleep all these days?  At least I won’t tonight.