Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2011 dear experts
i am Sr. citizen. My birth date is 08/05/1946.I retired at the age of 60 yrs. I have not filed any return after rtirement.Now post office and banks require form 15G/15H for examption of TDS.
SHOULD I have to file return for last five yrs.after retirement being Sr.citizen.how TDS can be calcuted for last five yrs.
Pl. advise.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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07 August 2011 You cannot file returns for the last 5 years as Returns can be filed only for the last 2 years.

You can give 15H to the Bank without filing the return, if you have PAN No.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2011 what action can IT department take for non filing returns? if TDS is applied on me for last five yrs. how much penalty is charged by IT dept.
pl. advise.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 August 2011 Department can take action only if you have taxable income. If you not submitted returns for last 5 years then there is no problem in giving form No. 15H.

Now, you prepare your returns for last 5 years, pay the taxers if any due and file all the returns in physical form before department takes any action. It might be possible that department may not take any action but from your side you have cleared all the taxes

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2011 But Sir,is it necessary to fill bank fixed deposit information in form 15H which is to be submitted at post office or I should fill the only information about my deposits in post office in 15H form to be submitted at post office? whether post office require the information for that particular year or for many previous years in that 15H form?

Querist : Anonymous

Querist : Anonymous (Querist)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 August 2011 As far as filing of returns, seems Ashwani Ji's view is correct.
Regarding form 15H, it should be submitted year wise and depositee wise meaning thereby in PO give PO deposit details only and in bank, fill up bank deposit particulars only. Pl remember to attach copy of PAN card also with every form 15H.