Hi, My monthly salary is done TDS and deposited in my bank by the institution. I have kept my take home salary in fixed deposits in a bank. The bank does TDS on the interest of my fixed deposit. Apart from the fixed deposits, I do not have any investments on this earth. Apart from the monthly salary, I do not have any other sources of income. I have NOT filed ITR so far in my life. I am now 53 years old. Keeping this in mind, what is my present status with regard to Income Tax, ITR and other Tax realated issues.

Ans: Gifts of any amount received from or given to any relatives - parents, spouse, your and your spouse's brothers and sisters, brothers and sisters of your parents and your and your spouse's lineal descendants are entirely tax-free. You can go ahead with the investment.

The returns generated through such investment is added to your income and tax liability will be based on your income tax slab.

Ans: ITR 2 would be applicable.

Ans: Person giving teaching service is considered as professional and taxable under the head Income from Business and Profession. For Income from Business and Profession, 2 ITRs forms available. ITR 3 and ITR 4 (for presumptive scheme). As income is below exemption limit, it is advisable to file ITR 3.

Ans: Respected Sir,

you may file either ITR- 1 or ITR-2 depending on the complexity of the income. Yes, the lock in period of 3 years applies on ELSS schemes and if withdrawn before that it would attract taxability. Please look at the below a detailed note, which would be helpful to you. Withdrawal from Tax Saver Mutual Fund: If you made a withdrawal of Rs. 65,000 from your tax saver mutual fund, it's important to note that withdrawals from equity-linked saving schemes (ELSS) are subject to tax implications.

- ELSS investments have a lock-in period of three years. Withdrawals made before the completion of the lock-in period are considered as short-term capital gains.

ITR Form: Since you are a teacher by profession, your income is likely from salary and other sources. If you do not have any business income, you would typically file your income tax return using ITR-1 (Sahaj) or ITR-2, depending on the complexity of your income sources.

ITR-1 (Sahaj): For individuals having income from salary, one house property, other sources (like interest income), and total income up to Rs. 50 lakh.
ITR-2: For individuals and Hindu Undivided Families (HUFs) not eligible to file ITR-1 and having income from salary, house property, capital gains, and more than one house property, etc.

Ans: In case income is below exemption limit, Super senior citizen Individual is not required to filed Income Tax return.