• ITR filing mandatory for TDS deductions and SFT?

I'm an NRI and have income in India from house rent, interest income from the bank and interest income from other sources. My total taxable income in India is much below 2.5 lakhs. I have the following questions:
1) Is it mandatory for me to file an ITR in India, if I have the following appearing/reported in my Form 26AS?:- a) TDS deductions (from NRO account and other sources) and b) SFT-005 Time deposit (due to fixed deposits in bank).
2) Is it mandatory for me to file an ITR in India, if I only have TDS deductions (from NRO account and other sources) appearing in my Form 26AS?
Asked 1 month ago in Income Tax

No. As per IT Act, 1961, NRI or not, any individual whose income exceeds Rs.2,50,000 is required to file an income tax return in India. Thus, it is not mandatory for you to file ITR. However, if your TDS has been deducted, you can claim refund of it by filing ITR.

Savan Thakkar
CA, Surat
7 Answers

Not rated

As your total income is less than Rs. 2.50 lacs, you are not liable to file ITR. It is advisable to file ITR when TDS is deducted or transactions are reported through SFT to avoid e-campaign notice through compliance portal. 

Vivek Kumar Arora
CA, Delhi
4243 Answers
408 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

It is not mandatory to file the return as your taxable income is below exemption limit.

 

However, it is advisable to file the same to avoid future compliances. 

Payal Chhajed
CA, Mumbai
5132 Answers
191 Consultations

5.0 on 5.0

Hello,

 

Though it is not mandatory for your to file your income tax return since your total income is below Rs. 2.5 Lakhs.

However, It would be advisable for you to file the return since there is a TDS deduction and reporting under SFT.

I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.

 

Regards,

CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Madhya Pradesh
2584 Answers
12 Consultations

5.0 on 5.0

If you have TDS you should file ITR as you can get refund because your income is below taxable limit.

Ruchi Goel Anchal
CA, Gurgaon
469 Answers
5 Consultations

5.0 on 5.0

Give reason "income less than maximum exemption limit" against compliance notice of filing of ITR.

Vivek Kumar Arora
CA, Delhi
4243 Answers
408 Consultations

5.0 on 5.0

You can provide the response that your income is below the basic exemption limit.

 

Hunny Badlani
CA, Madhya Pradesh
2584 Answers
12 Consultations

5.0 on 5.0

You need to file income tax return form if your gross total income exceeds the basic exemption limit of Rs 2.5 Lakhs, i.e., before claiming deductions under Chapter VIA , like 80C,80D etc. 

If you don't want to claim refund and your gross total income does not exceed Rs 2.5 Lakhs, there is no need to file IT Return. If there's a notice for compliance,  you may answer it suitably  by just ticking the appropriate check box in the compliance section.

B Vijaya Kumar
CA, Hyderabad
942 Answers
99 Consultations

5.0 on 5.0

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