my wife have some old fixed deposits for which she receives interest ,she dose not filed returns as she falls within the income tax limits but since 2 years she got a job and have to file returns so she filed returns for assessment years 15-16 and 16-17recently in this month for last two years .does her fixed and postal deposits fall under PMGKY programm.we are confused and worried about this .please help.those fixed deposits and postal deposits are very old given to her by her parents at the time of marriage in 2002..interests are her only income previously which are under tax limits ,so she didnt filed returns.but now she got job and interests she has to pay taxes so she filed returns.are her fixed deposits liable for PMGKY. please give solution
does share and mutual funds come under PMGKY
what is undisclosed income? does fixed deposits and postal deposits come under undisclosed income?
Dear Sir,
Please let us know the amount of FD.
Further, you should include the accrued interest on FD in the income tax return of your wife.
Please check whether you have included this in your return or not.
I don't think you need to go to pmgky scheme
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hii
These incomes not covered under PMGKY, in this scheme only cash deposit is covered
In your case plz provide amount of FD's if possible
After that I m able to say something for your concern
Hello Sir,
As per the information provided by you, it appears that the deposit was received by your wife at the time of her marriage. As per the Income Tax Act, anything received at the time of marriage is exempt from tax. So you need not worry about the deposits.
But yes, your wife will have to pay taxes on the interest received by her if the income is more than the basic exemption limit.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi Sir
The FDs given to your wife by her parents at the time of her marriage are exempt from tax. Hence, they need not be declared under the PMGKY scheme.
Regards
Keerthiga
M.Com., CA, LLB
Undisclosed income shall cover
- Cash balance on hand
- Deposits in bank'
- Property including jewellery, shares and securities
- Advances made to the parties long outstanding
You need to disclose the interest from fixed deposits and offer them to tax. I understand from your query that you disclosed such interest income in the IT Returns filed for the Asst yrs 2015-16 and 2016-17.
Any undeclared income which was invested fixed deposits can be declared now under PMGKY scheme.
