Am I supposed to file IT Return?

I am not an earning person.I have Rs.5 ,00,000 invested in bank FD and its interest is my only source of income.Plus I have Rs.20,00,000 in joint Fixed Deposit with my father(My fathers name as main name) who is senior citizen whose interest is also our income.My individual yearly interest isRs.52500 and from joint FD it is Rs.2,00,000 . So am I supposed to file income tax return? Right now I file 15G form every year to avoid TDS. Pls suggest me if I can file zero tax return? Thanx

asked Jul 04 '11 at 21:12 by Bhargav12 1111

In case income (before any deductions) for individual falls below taxable range, income tax filing is not mandatory for him/her. But still zero tax return can be filed for accounting purposes.

answered Jul 05 '11 at 00:18 by pankaj 5.2k320


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Asked: Jul 04 '11 at 21:12

Seen: 1,645 times

Last updated: Jul 05 '11 at 00:18