ITR if Income is more than 3 Lakhs

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  1. rams19

    rams19 New Member

    My father is 71 years old. He receives rs 20k pension per month and rs 10k as rent
    should he pay tax. May be in near future his pension increase will be rs24k and rent 10k. Pls suggest .

    so far after his retirement he has not paid or filed returns.
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Yes your father is liable for income tax amounting to RS.410/- for the A.Y 2015-16..calculation of income tax is as follows.

    Salary income -240000
    House property income- -84000 (120000*70%)
    Total income -324000
    Tax amount -2400 ((324000-300000)*10%)
    Less:rebate u/s 87a -(2000)
    Tax payable(inc cess) -410

    As per my advise better don't file return, as your father's income tax is very low.if you start filing returns then department will ask why you didn't filed returns for past years.
    If any demand notice comes from department in near future.then you face.
    90% iam very sure that you don't get any notice..why because your father's income is very low..thatoo he is a senior citizen
     
    Last edited: May 18, 2015
  3. Sumit Agarwal

    Sumit Agarwal Active Member

    @sai tejesh no, department can't ask why you haven't filed your for the past year. They only can issue notice if the assesee has the income and not showing it.
     
  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Dear sumit,
    "if the assesse has the income and not showing it"..it indirectly means that why you didn't filed return for the past years even you have income which is chargeable to income tax.
     
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