My mother is an Unemployed Widow earning more than the exemption limit of Rs. 2,50,000 through Fixed Deposits (multiple FDs; totalling to more than 1 crore). The tax is deducted at source - the bank. And, the FDs are the only source of her income. Please guide me which Forms/Documents have to be acquired and submitted and the procedure for filing of the same. Is it possible to File the said ITR through the Income Tax Online Portal? Thank you in advance
Dear Sir,
You need to file ITR-1. Show interest on FD under the head income from other sources. Reconcile the amount of interest and TDS with Form 26AS/ Form 16A.
Under the TAB e-file on the income tax login , you can select the option Prepare and submit online.
Thanks
You need to file ITR1. If you want i can assist yku in filling
Hii
File ITR 1 - income from other sources, this can be file online
ITR 1 has to be filed showing the interest incomes as Other Income.
Please obtain interest statements as on year ending from the bank's for the FDs.
Return can be filed through online portal.
We may assist you with return filing.
Hi,
Yes you can file it online. Alternatively, you need to file ITR1 and the income will be disclosed under Income from other sources.
Regards,
Nikhil.
Acquire TDS certificates from all the banks.
Online Income Tax Return is to be filed.
Yes, you can file the ITR through Income Tax Portal. The form to be used if ITR 1.
Don't forget to show the total interest earned by her from Fixed deposits as well as savings bank account. As the interest from saving banks is not taxable to the extent of 10,000/- only.
For more details you may visit:
Please file the ITR-1 and claim the refund of Income Tax paid.
Yes, online return can be filled through the portal.
Hi,
Your mother will have to file ITR1 and show her income under the head income from other sources. You can ask TDS certificate from bank and keep it with you for records.
Yes, you can file ITR online on income tax portal.
Please reach out to us in case you need any assistance in filing ITR even on a pro bono basis.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Yes return can be filed online..
ITR 1 to be filled .declare interest income as source of income.collect form 16 A from all Tax deductors and match it with 26AS before filling return.
Hi,
In case of your mother, as the income is more than basic exemption limit for the F Y 2017-18 and the income belongs to other source. ITR should be filed in ITR-1 Sahaj.
For filing the ITR you can use Income Tax portal, as ITR preparation utility is very simple. You have to fill up the details step by step.
