Do I need to file income tax return in India if income is below 2 lacs per year ?

POSTED BY vinay singh ON November 24, 2013 7:54 pm COMMENTS (11)


I am currently working in Singapore and go to India only once or twice a year.My interest income in India is less than ~2L and i am not getting any part of my salary there.

Do i still need to file income tax return in india? How will it effect if i have to take any loans there as that would require income tax returns.

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:

    Thanks Ashal..

  2. ashalanshu says:

    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.



  3. vinay singh says:

    Hi Ashal,
    Sorry for invoking this thread again. I came across an article regarding my case.can u pls comment on this . (Myth 4)

    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.

  4. ashalanshu says:

    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.



    1. vinay singh says:

      Thanks Ashal.

  5. vinay singh says:

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


  6. ashalanshu says:

    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.



  7. ashalanshu says:

    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.



    1. vinay singh says:

      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.

  8. Sumit says:

    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.


    1. vinay singh says:

      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?

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