Interest on f.d.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 My wife dont have any I.Tax file till today as she never filed any return or paid any tax.Now she has yearly income of Rs.114000.00 from bank F.D. BESIDE THIS SHE DON'T HAVE ANY INCOME.Now i want to know that is she liable for any i.tax?
Some one told me that only income of 70000.00 [from bank interest only]is tax free.is it right?my wife is liable to pay i.tax on remaining amt.of 44000.00?what is the exact rule?please help me.

CA Navin Jain

CA Navin Jain (Expert)
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17 August 2011 if total income is less than Rs. 190000 in the case of women then there is no tax liability hence no need to file income tax return.

Further, Check whether Bank has deduct tax on interest if yes then get the tds certificate from the bank and file the income tax return for claiming income tax refund

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