Hello All,
I know that if the F.D interest income earned is below 10K pa then banks wont generally do a TDS, but suppose one earns 5-8k interest & his overall income comes under the income tax slab:
1) Do he need to file his 5-8 k interest as well?
2) If he doesn’t file it (unknowingly – lack of knowledge) & sends his ITRV, then what will happen? Will there be any notice issued form IT dept? And what steps needs to be taken then? Is there anything to get worried? Also what would be the charges/fine to refile it?
3) Is there any option to save the tax on the interest earned from F.D?
Thanks,
Chaitanya