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Confused about filing ITR with no income but TDS deducted and capital gains?

T S Khurana |446 Answers |Ask -Follow

Tax Expert - Answered on Sep 21, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Sep 02, 2024Hindi

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For more than 20 years I have not filed ITR since no taxable income but during FY 22-23 TDS was deducted from FD interest and Dividend income totalling about Rs 2500. Can I file ITR now for refund claim. Since I am planning to sell some equities there will be LT/ST capital gains but without any other income. I am planning to sell some shares and transfer some money say 10 lakhs to my Son's account for him to invest in equities. Can I start filing ITR regularly now onwards without any problems. Thanks

Ans: 01. You have missed the opportunity to file your ITR for F/Y 2022-23 & claim refund.
02. You may again start filing your ITR's on regular basis, with immediate effect, without any problem.
Most welcome for any further clarifications. Thanks.

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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Hello Mihir, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceed 12 lacs & plan to file ITR in coming June, so can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

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Hello Vivek, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceeded 12 lacs & plan to file ITR in coming June, so please advise can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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