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Mihir Tanna |1112 Answers |Ask -Follow

Tax Expert - Answered on Oct 11, 2025

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jul 25, 2025Hindi

My mother is an 87 year old retiree. She receives a monthly pension, and interest from a few fixed deposits. She last filed her returns around 2004. She has not been filing her returns since then as her earnings were below Rs 1,00,000. If she wants to restart filing her returns this year (even though her earnings are still below the basic exemption limit - around 1,50,000), will it be a problem?

Ans: Filing of Income-tax return for individual is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit.

Thus, if in earlier year she was not liable to file ITR (, no issue in filing ITR from current year.

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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Question by M - Aug 29, 2022Hindi

I am a retired banker and I have invested a part of my retired funds (15 lakh) in a bank in the name of my cousin sister (my mother's younger sister's daughter) jointly with me as the second name. She is a house wife and has no other investments/ or interest income other than this 15 lakh. She is also a senior citizen. Will there be any problem for her regarding filing if IT returns every year, since she will be getting only around 1.75 lakh as interest in her account every year which I assume is below the threshold limit.

Ans: Under Income Tax Act of 1961, the interest earned on FD is added under ‘Income from other sources’ and it will be taxed as per the available tax rates. Usually when the interest earned exceeds Rs 10,000 for a financial year, the bank deducts 10% TDS incase you have provided PAN details.

If you have not shared PAN, the bank will deduct 20%.

Since your cousin is a senior citizen, there is an exemption on interest up to Rs 50,000. Since the income will be above Rs 50,000, the bank will deduct TDS. You can claim refund on this by filing income tax returns for her or you would need to submit form 15H with instructions to not deduct TDS with a declaration that her income is below the taxable limit.

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