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Sunil Lala | Answer |Ask -Follow

Financial Planner - Answered on Mar 31, 2023

Sunil Lala founded SL Wealth, a company that offers life and non-life insurance, mutual fund and asset allocation advice, in 2005. A certified financial planner, he has three decades of domain experience. His expertise includes designing goal-specific financial plans and creating investment awareness. He has been a registered member of the Financial Planning Standards Board since 2009.... more

Question by Khader on Mar 27, 2023Hindi

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Do pension holders need to file IT returns?

Ans: Yes if your pension is above the IT Filing Limit.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am a senior citizen aged 68. I was working in a private company and do not get any pension. I had invested some small amounts and get quarterly payout . These were done in Banks. I get about 2 lakh a year in total. Do I have to file returns for AY 23-24? If so should I choose the old regime or new regime. I had saved some money, but all of it was scammed from me sometime in September -October.

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Sir, I am a housewife not in receipt of any pension or regular income. However we have invested in Mutual funds over the years (both SIP and lumpsum) on my name. Am I supposed to file income tax return?

Ans: Income tax Return is required to be filed only if you have 'income' and simply doing an investment is not a criteria till you have an income. And if that yearly income is less than Rs 2.5 Lakhs a year under old regime and less than Rs 7 Lakhs a year under new tax regime, even then you may not be required to file the ITR subject to Income Tax rules

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Hi Mihir Sir, Pl answer my queen. The various retirement amounts like (for govt servant) GPF , Earned leave encashment , Commutated salary , Gratuity ..... Is it NOT required to be shown in tax return at all? All retired people told me this. Pl clarify. Thank you.

Ans: There are 2 aspects for disclosure.

1st is receipt of income which included in Income from Salary (which will be included in form 16 under salary covered in Sec 17).

2nd is exemption portion. If particular component is exempt, it will be required to be shown in exempt income schedule (which will also be included in form 16 in exemption u/s 10)

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