POSTED BY November 12, 2014 10:55 am NO COMMENTSON
kindly help in my following query. I have a salary a/c with auto sweep with ICICI bank.
Since FY 12-13 few lakhs were there in a/c which ere automatically swept to FD.
Bank has deducted TDS in FY 12-13,13-14 and 14-15.I Have withdrawn the entire amount in oct14. I was confused whether the tax is to be paid every year or on receipt (i.e encashment of FD)
So I have not shown this income in ITR of FY 12-13. and original ITR of 13-14 . However for FY 13-14 I have submitted revised return showing the interest income accrued in FY 13-14. with tax payable (around 55000 with interest).present status on IT portal is return received demand not determined.
I have made online payment of advance tax for FY14-15 for interest accrued in FY14-15 on 2nd NOV14.
I have 2 questions:
a) How to take care of interest accrued in FY 12-13? and
b) should I wait for demand for FY 13-14 to be determined or should I straight away make payment for tax payable for FY13-14. and then take care of interest accrued in FY 12-13 what will be the code in this case for e tax ?