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Tax Expert - Answered on Aug 29, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more
nagarajan Question by nagarajan on Aug 28, 2023Hindi
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SIR, I HAVE RETIRED FROM SERVICES AND THERE IS NO INCOME BUT I RECEIVED AMOUNTS FROM POMIS, INTEREST FROM FD AND DIVIDEND FROM SHARES AND IT WORKS OUT TO MORE THAN RS. 50000 PER YEAR. WHETHER I HAVE TO PAY TAX AS THERE IS NO INCOME. PL SUGGEST. THANKS

Ans: Considering that you have retired and you're receiving income from POMIS, FD interest, and dividends, it's important to assess whether the total of these incomes exceeds the basic exemption limit for income tax. the basic exemption limit for individuals below the age of 60 was Rs. 2.5 lakh per financial year.

If the total of your interest income and dividend income exceeds the basic exemption limit, you may be required to file an income tax return. Even though you don't have active salary income, your other sources of income could still make you liable to pay tax.
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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