POSTED BY June 28, 2013 7:18 am COMMENTS (3)ON
Well, I have 2 questions related to income tax.
FIRST QUESTION :
I had some income from FDs on which bank deducted 10% tax.
Just recently I came to know that I have to pay tax on that interest as well as per my tax slab along with my salaried income. Hope this understanding is correct.
Now since that financial already passed so how can I pay extra tax ? Do I have to pay any penalty along with additional tax ?
If Yes, how much penalty and where I can check these ?
SECOND QUESTION :
I am Indian citizen on pay roll in India. I get my salary in India and pay tax on that.
Since last 3-4 months I am out of India for official purpose and here I am getting the allowance for hotel/food/transport in dollars.
I save some dollars from these which I can exchange in India with INR and cash deposit in my Bank A/C.
Is this taxable income? If yes, how much tax?
If No, what is the limit ?
Also how can I show source of this income as if in future some query me that from where I got this money and why didn’t I pay tax ?
So that time what I can show them as proof that this income is from onsite allowance and not liable for tax.
Thank you so much for your time and help.
Please answer all sub-questions.