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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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Question by nalin - Nov 27, 2020Hindi

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My query is - I have not received Form 16 and Form 26AS update from my pension disbursing bank. In spite of several reminders to the branch manager I have not received these two documents. The manager says he has told his CA but nothing is happening. I have all details of pension received from the bank statement. There is only one type of income that is Pension/DA/Arrears of pension, nothing else. No HRA, LTC,etc. Form 26 AS is not showing details of bank/pension. Can I file my ITR? Or, should I file it or wait for the Form 16 and Form 26AS?

Ans: We recommend you wait till a few days before the due date of tax filing.If you still don't receive it, you can file your ITR before the due date, based on income credited to your bank a/c and also include any other income that is subject to taxation.

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Question by Malini - Feb 06, 2024Hindi

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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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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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