POSTED BY June 21, 2012 2:23 pm COMMENTS (3)ON
Hello, 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  in first week of May.
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.
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.