Dear Sir,
I had to file income tax returns for FY 2017-18, but source of income is only Interest's earned on FD's.
May i know your view point on following please :-
1) ITR-1 form is the one for filing IT returns ?
2) Form 26As shows the Tax deducted straight from FD' interest. But how do i declare or claim the Medical expenses maximum of Rs 15,000. Am i eligible to claim that ?
3) Is there any standard deduction other than Chapter VI A, that i can claim to save Income tax ?
4) Do you have any Link / document / datails, which i can refer to understand the rules, pre-requisite, tax saving benefits, do's and dont's ?
Thanks & regards,
Rahul Agarwal
1 Answers
Dear Rahul,
1 - Yes, you can file ITR -1 Form
2 - It is applicable for Salaried individuals only (section-10). I am assuming that you are referring to Medical Allowance.
3 - Standard deduction of Rs 40,000 for all individuals is applicable from FY 2018-19.
Kindly read :
- AY 2018-19 Income Tax Return Filing | Which ITR Form should you file?
- Income Tax Exemptions FY 2017-18 : List of important IT Deductions for AY 2018-19
- Income Tax Deductions List FY 2018-19 | List of important Income Tax Exemptions for AY 2019-20
- Medical Insurance Premium : Tax Benefits (under Section 80D)
Please login or Register to submit your answer