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Itr

ishan parikh (Audit Manager) (131 Points)

29 October 2015

year one: I have income from 1. stipend, 2. fd interest., year two: I have income from 1. stipend 2. fd interest., 3. professional receipts. 4. capital gain. for each year which itr should I file?

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11 Replies

Miss Rinkal (Student) (1309 Points)
Replied 29 October 2015

Itr 1 in case of year 1 and itr 4 in case of year 2

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(Guest)

dude...why do u even need to file itr for stipend...unless u getting too good of a stipend

ishan parikh (Audit Manager) (131 Points)
Replied 29 October 2015

For claiming tds refund on fd interest bro. There is instructions to bank to deduct tds for fd interest more than 10000. So......

(Guest)

oops sorry...u need to file itr 1 for that

ishan parikh (Audit Manager) (131 Points)
Replied 29 October 2015

BTW thanks rinkal for your prompt answer.

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Miss Rinkal (Student) (1309 Points)
Replied 29 October 2015

Well ishan if your total income does not exceed the basic exemption limit, then you can apply for 15G in order to not deduct tax on interest on FD income. So for future years, you can do that.

Also where your gti does not exceed basic exemption limit, you are not required to file your income unless there is loss that is required to be c/f or there is refund to be claimed.

So if your gti does not exceed basic exemption limit and if you submit form 15G wherever applicable then you will not be required to file itr

Synonymous (Accountant ) (156 Points)
Replied 29 October 2015

Suppose my total income for FY 2015-16 doesn't cross basic exemption limit then should I file the ITR to get my income white. & Suppose my total income for FY 2016-17 also doesn't cross basic exemption limit, but when I see my bank account balance if it crosses basic exemption limit then what to do. Is this income is white or black.

Miss Rinkal (Student) (1309 Points)
Replied 30 October 2015

Your bank account balance is not to be considered for basic exemption limit. It is the gross total income that is earned during a particular fy that has to be considered.

There can be exempt incomes in your bank account, say for eg. Dividend. This income is not to be considered while calculating gross total income. There can be credits of FD balance. But that FD credit is not your income. Only the interest earned from such FD is your income.

You need to calculate your incomes only.

White income in common terms means that you have declared it. Black income is which you are hiding and not declaring it.

It has nothing to do with filing of itr. I mean that if you have not filed your returns for a particular year, that does not turn your so called white income into black. Or if you have filed your return, your income does not turn white just because you have filed your itr

It is mandatory to file your return when income exceeds basic exemption limit, or there is refund for a fy or there is any loss to be carried forward. And voluntary for others. There is no harm in filing itr if you're income does not exceed basic exemption limit.

Needless to say here is it still remains your white income even if return is not filed because youe intention was not to hide the income but since gross total income was not beyond the basic exemption, you chose not to file the return. Nothing wrong in it. You are abiding the act.

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