Non filinf of income tax return

[Guest]

Dear Sir,

One female senior citizen who is retirement Govt Employee getting pension monthly her own and her husbands pension also which is total near about 4.5 lacs and also she has some F.D on her Name and getting the interest on this F.D and also getting the interest on her Saving bank account which near about 1.5 Lacs Total income is 6 Lacs. But She don't filing the income tax return because of not aware of this. Now she get the Notice from income tax department for non filing of income tax return.

So any one can guide me on below query.

1) Is the pension income are taxable or not ?

2) As her husbands pension received by her account because her Husband has died Husbands Pension also taxable or not ?

3) whether any penalty and interest will liable for non filing of return and non payment of Income tax on pension as well as interest ?

4) If we want now for filing income tax return and payment the income tax then what is the procedure ?

Regards

Swapneswar Muduli

[DR.MARIAPPAN GOVINDARAJAN]

The pension received by the lady and the family pension of her husband are taxable. Return can be filed now. After making adjustments like that of saving etc., income tax along with interest may be paid. The bank interest is also liable for tax but having deduction.

[KASTURI SETHI]

Sh.MARIAPPAN GOVINDARAJAN Ji,

Sir, Is there any penalty for late filing of Income Tax Return ? What is rate interest for delay in payment of Income Tax ? Thanks.

With regards,

KASTURI SETHI

AI Summary

Taxability of pension: pension and family pension are taxable and belated returns may incur interest and penalties. Pension receipts, including the retired employee's pension and the deceased husband's family pension received by the widow, are taxable. Interest on fixed deposits and savings accounts is also taxable, with allowable deductions. A belated income tax return can be filed now, but late filing and late payment may attract statutory interest and penalties; the taxpayer should compute total income, claim deductions, submit the return, and pay tax plus applicable interest and penalties.