Which itr form to use for income tax return?

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Vaish T

85 Points Joined December 2015

Hi, I am housewife and my source of income for FY15/16 are as below; a. Interest on FD - Rs. 26,752. b. Share Trading (Casual Intra day and sometimes with delivery of shares) - Overall portfolio balance is negative indicating loss in trading) Please let me know; 1. Which ITR form should I use for Tax file return? 2. The FD mentioned in point 'a' was created with gift of Rs. 2 Lacs given by my father on my birthday. Do I need to show it as Income and calculate tax? 3. I received Compliance notice from Income Tax Dept on non-filing of ITR. My overall income is way below 1 Lacs, Do I really need to file ITR? or response to the Compliance notice is enough? Appreciate your response as early as possible. Thank You.

Replies (3)

sivaram

Asst Mgr-Taxation

6918 Points Joined April 2009

reply to the mail received from income tax dept stating that your taxable income is below the limit and the gift received from father need not be shown as income as it is exempted

Vaish T

85 Points Joined December 2015

Thank you for your quick response. I did visit to Income Tax Assessing officer in my area. She insisted to file returns even if tax is zero. So in that case please advice me which form shoud I use for IT return in my scenario. Thank you again.