11 replies on this article “Do I need to file income tax return in India if income is below 2 lacs per year ?”

1. vinay singh says:

   January 14, 2014 at 12:21 am

   Thanks Ashal..

   Reply
2. ashalanshu says:

   January 13, 2014 at 9:59 pm

   Dear Vinay, in your case, the income is coming only from interest and hence you are not at all required to file ITR. Myth 4 in the shared article deals with capital gains which is not applicable to you.

   Thanks

   Ashal

   Reply
3. vinay singh says:

   January 13, 2014 at 3:18 pm

   Hi Ashal,
   Sorry for invoking this thread again. I came across an article regarding my case.can u pls comment on this . (Myth 4)
   http://www.moneycontrol.com/news/tax/checkout-9-myths-related-to-tax-returnstax-deductions_1018337.html

   As i said earlier ,all my income in from interest there .i am just asking this to avoid the hassle if i dont really have to.

   Reply
4. ashalanshu says:

   November 29, 2013 at 10:31 am

   Dear Vinay, ITR-1 if the income is only from Interest. In case there is any Capital Gain, the ITR-2 ‘ll be the form for you.

   Thanks

   Ashal

   Reply
   1. vinay singh says:

      November 29, 2013 at 6:13 pm

      Thanks Ashal.

      Reply
5. vinay singh says:

   November 26, 2013 at 10:20 pm

   Dear Ashal ,
   In that case which form will be applicable for me?

   Thanks
   Vinay

   Reply
6. ashalanshu says:

   November 25, 2013 at 10:04 am

   Dear Vinay, Yes, as there was TDS, for clarity on your actual income you are advised to file your ITR. Later on your may receive notice from income tax for non filing of your ITR.

   Thanks

   Ashal

   Reply
7. ashalanshu says:

   November 25, 2013 at 7:42 am

   Dear Vinay, if TDS was applied and you want the refund of the same as your over all income is below zero tax limit, you should file your ITR to claim your TDs as refund.

   thanks

   Ashal

   Reply
   1. vinay singh says:

      November 25, 2013 at 9:12 am

      Hi Ashal ,
      Thanks for the clarification.
      Just in case , if i don’t want my TDS back,can i have any legal issues later for non-filing.

      Reply
8. Sumit says:

   November 24, 2013 at 10:32 pm

   If you have only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10,000, you dont have to file income tax return.

   But If you have any other source of income like Capital Gain, or interest from fixed deposits etc, then you will have to file your Tax Return.

   Thanks
   Sumit

   Reply
   1. vinay singh says:

      November 25, 2013 at 12:25 am

      Hi Sumit,
      Thanks for your reply.However,as i said i don’t get any salary in India as i am not on any onsite project.My job is directly with the Singapore division.The interest which I get is from the money I have sent to India in my old savings accounts and FD .And yes,that is more than 10000,for which TDS also gets deducted.
      Is that still applicable in my case?

      Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.