POSTED BY August 5, 2014 6:38 pm COMMENTS (2)ON
I did not find a similar question on this or any forum and hence I’m posting this.
I had invested
Since the amount was less than 10000, TDS was not done by the bank.
Until July 2013, I was a student and had no income; and hence was not liable to pay tax.
From July 2013 onwards, I fall under the 10% income tax slot as my annual income is above 5 lakhs.
Given the above facts, my understanding is that this year I should pay the tax only for the interest earned in the period April 2013-March 2014. Is this correct?
If yes, can some guide me on how to determine the interest earned in that financial year alone so that I add that to my total income and pay tax only on that amount?
If not, can some enlighten me as to where I am going wrong?
Thank you for your help.