15 March 2018
Dear Sir, During FY 2017-18, my wife has tax free income 1) Sale of Long Term equity Rs. 8 Lakh... 2) Bank Interest on PPF Rs. 1.30 Lakh.. Both are tax free. I am not filing till date any return... In Past also every year 3-4 Lakh Long term Capital Gain, and Interest 75000 to 80000 .. Income is their.. Since Income is not taxable I am not filing any return . Is my stand is correct ? Whether it will attract any clause which will I have to face. Please advise... Me what to do for A.Y 2018-19... Thanx
15 March 2018
According to income tax Act if your gross total income exceeds Rs. 2.50 lakhs (3 lakhs in case of senior citizen), you have to file ITR. Even if the tax is zero or all taxes are paid, the individual must file the return if the gross total income exceeds the basic limit.
16 March 2018
All taxable and non-taxable income needs to reported in IT return. There is provision for this in ITR . Refer Exempt income section of ITR
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