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arbindsha
Dear Colleagues,
I have retired on 31st March 2012.
I have been regularly filing my Tax returns until FY April11/March 2012.
I have no taxable income from April 12 onwards.
I have received my PF/Gratuity and LIC maturity amount during FY 12-13.
The above amounts are exempted from TAX as per rule.
Please advise
Do I need to file income tax return for FY 2012-13??
Thanks for your valuable comments and advise.
best regards
Arbind

From India, Calcutta
Ashokbabu12
Hi, How to avoid the Tax deductions, some one could explain please?
From India, Hyderabad
arbindsha
Dear Colleagues
As per rules retirement benefits such as
Provident fund/Gratuity and LIC maturity amounts are exempted from income tax
according to my knowledge.
Now if I do not have any taxable income, is it necessary to file income tax return.
Please help
regards
Arbind

From India, Calcutta
CA Nilay Shah
21

Hi,
The amount received from PF/Grautity/ LIC maturity are exempted from income tax, but the said amount will not be kept on hand by you, you might have kept it in Fixed deposit of Bank or else so the income generated from the said amount will not be tax free and you will be liable to pay income tax on the same subject to the minimum income tax slab level you will not be liable to pay income tax over and above the said limit you will have to pay income tax and file your income tax return.

From India, Ahmadabad
arbindsha
Dear Nilay,
Thanks for your valuable comment.
I just want to know
AA. If my total income in a FY including inerest from Bank below the taxable limit.
Do I still need to file income tax return.
BB. Do I have to show the PF/Graturity and LIC maturity amount to income tax (which are exempted)
best regards
Arbindsha

From India, Calcutta
CA Nilay Shah
21

Dear Arbindsha,
In case your Income is below taxable limit you need not to file the IT Return, but still it is advisable to file your IT Return showing your Income in particular financial year and the amount you have received from PPF/Grautity/LIC needs to be shown in your Gross Income Statement and then as the same is exempted from IT the same will be deducted and so your Net Income Statement will not be having any impact of the same.
Regards
Nilay

From India, Ahmadabad
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