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Filing of Income tax return
Is it compulsory to file Income tax return by a senior citizen if his income exceeds Rs 3 lakhs, but after giving effect to deductions ie Standard deduction of 40,000, FD int rebate of 50,000 and deduction of Rs. 1,50,000 under sec 80C, his taxable income is Nil. Kindly clarify.
Replies (2)
return is mandatory to file if gross income exceeds basic exemption limit, gross income means income before any deductions.
in your case if income exceeds 340000/- then you are required to file return as standard deduction is allowable while considering Gross total income .
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