POSTED BY June 21, 2012 2:23 pm COMMENTS (3)
ONHello, i have one question.
for FD deposit bank only deducts at 10%, rest we have to add to our taxable interest.
this is understood.
In my case bank updated me on TDS [RS 1267] for interest amount [12662] in first week of May.
further details:
I come under 30% tax bracket & savings interest = 14K.
30% + 3% cess comes to 3913.
diff to be paid = 2646.
in form 26AS I see an entry for 1267 on 15 May 2012.
My questions:
1. should I pay interest under section 234 B?
Note: my company has paid all tax amount eligible to be deducted. I just need to pay this diff of Rs 2646
2. do i need to add 14K saving’s bank interest under “income from other sources” and pay 30% tax+ 3% cess [though my banker has not deducted any TDS for this]
pl let me know.
thanks
Pradeep
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Hello Ashal Jauhari,
thanks a ton, i missed to see that ITR is showing such results.
I got it.
one more Q – on interest of 14K – this is sum from two accounts ; If i understand it right I have to sum the interest from all banks where I have accounts (in my case 2) and add 14K for taxation purpose. Here there are no exemptions right.
thanks
Pradeep
Dear Pradeep, Yes you should sum the interest from all of your accounts & put that summation figure in income from other sources head.
Rest already discussed.
Thanks
Ashal
Dear Pradeep, first of all please fill ITR-1 or 2 as applicable to you. Please put that 14K interest in the income from other sources. Calculate your tax liability in ITR form. It ‘ll calculate your net tax liability with due interest. Then pay the final tax amount as self assessment tax. Fill the paid tax details in your ITR & file ITR.
Thanks
Ashal