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Return filing

Akbar Basha (Financial analyst) (33 Points)

23 July 2016

Assessee pension income less than 5 lacs and submitted form 15H to bank who is also a senior citizen. but he is having interest on FD of Rs.19000. pls tell me whether he required to file the Return or not?

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CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 23 July 2016

assuming he is a senior citizen and his total income including fd interest and pension is less than 3 lacs no tax

if more than that he is taxable

and if he is super senior citizen then only the concept of 5 lacs will come.

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 23 July 2016

Rs.5 lac basic exemption limit is for super senior citizen i.e. 80 years or more. Clarify whether he is senior citizen or super senior citizen?
Assuming that he is a super senior citizen and his pension income + Interest income is less than Rs.5 lac then he is not required to file return of income. Although it is not mandatory but is adviced to file return.
If he is a senior citizen, filing return is mandatory is that case as the basic exemption limit is Rs.3 Lac only for senior citizens. Due date is 31st July.

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CA shanky pahoja (accountant) (615 Points)
Replied 23 July 2016

return filling requirement is for those who have income of more than maximum income not chargeble to tax without giving deduction under chapter VI A.

However for those who have income from salary and saving bank interest (not FD interest) which does not exceed 5 Lacs rupees without giving effect to deduction under chapter VI A, there is no reqiurement of filling return.

So match these with your case and decide.