Filling of income tax return needed?
karan
(Querist) 03 April 2014
This query is : Resolved
Dear Sir,
My mother is a retired employee. She has PAN no. She is now 70 years of age. Her source of income since her retirement is pension, interest from Bank FD's, Interest from Post Office's MIS and Post Office's RDs. She has interest statement from Bank's but not from Post Office. My query is as following:
1. Since her retirement she has not filled income tax return as her income from all above sources were below 2,00,000/-. Does there was necessity of filling income tax return?
2. Her money accumulated all these years. Now her income from all these sources is above 2,00,000/- but less than 2,60,000/-. Is there a need of filling income tax from this assessment year.
Please suggest.
KARAN KUMAR
Kumar Doab
(Expert) 03 April 2014
GO thru: http://incometaxindia.gov.in/Archive/TaxwithDirectTaxEng_13022013.pdf
The lady is Sr.Citizen<80 years of age.
Income Range: Rs.250001-500000: Tax Slab:10% ( For amounts above Rs.250000/)
A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.
She may file ITR this year.
The Lady may avail relief under 80C, 80D, 80G etc if applicable……………
Consult your I.Tax Lawyer with all record and details.
T. Kalaiselvan, Advocate
(Expert) 05 April 2014
As advised by expert Mr.Kumar Doab, you may consult a tax practitioner/auditor and file a ITR if necessary.
