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POSTED BY ON July 17, 2014 10:57 pm ONE COMMENT
I’m a govt. employee and my net taxable income is 4.70 lakh on which full tax has been paid.Besides this, I’ ve some FDs also on which TDS @ 10% has also been deducted by the bank.
Now pl. tell me, whether I’m supposed to show income of FDs which is about 46ooo/- in ITR. If so, whether my net taxable income will be treated at 5.17 lakh(4.70+0.46) and am I to pay incime tax @20% on amount inexcess of 5.00 lakh. What is to be shown in income col. in ITR
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Tax on the income that you earned on FDs, RDs will add to your total income and tax has to be deducted accordingly….. So, if you are in 20% tax slab you have to pay 20% tax on the interest on FDs, RDs…… Just the banks will deduct only 10 %…. You have to pay the remaining tax yourself…..
Enter the interst income under ‘Income from Other Sources’ and add the TDS details of FD in ‘Sch TDS2′ section in ‘Tax Details’ tab…. then your tax will be calculated accordingly and you have pay the remaining tax…..
Let me know if you have any queries….