my mother 70 yrs of age earns 200000 as interest income for AY 2020-2021.
as it is below 5 lakhs, is the total income tax free or not?
Dear Sir,
The income interest of Rs. 2 lacs earned is a taxable income. It is not a tax free income.
Since the basic exemption limit is higher than Rs. 2 lacs interest income, you donot have to pay any income tax.
Further, since this is interest income, kindly check THE 26AS if any tds has been deducted by bank. If yes, then you can claim refund for the same.
If you are satisfied with above, kindly drop email to capravin87 @ gmail.com
CAclubindia
