Hi Sir,Madam
I have two FD 's in two branch. When filing IT return, I noticed that Tax Deducted (5) for one of my FD is 0
In the heading Details of Tax Deducted at Source from Income OTHER THAN Salary [As per Form 16 A issued by Deductor(s)]. I noticed for one FD , Tax Deducted (5) coulmn and Amount out of (5) claimed this year (6) column values were given as 0
I have informed my bank to deduct the amount which is 10 % of interest. What value should I give for the
Tax Deducted (5) coulmn and Amount out of (5) claimed this year (6) column. Since It is rural bank and they informed it will take time to deposit the TDS.
Can I go ahead and add the 10 % amount to the tax Deducted (5) coulmn and Amount out of (5) claimed this year (6) column?
Please advise
1 Answers
Hi,
They would not have deducted if interest income is less than Rs 10,000. But kindly note that the entire interest income is taxable even if TDS is not deducted. No TDS does not mean no tax liability.
You can add the interest income to your total income and calculate the tax liability accordingly.
Kindly go through below articles;
http://www.relakhs.com/recurring-deposit-taxes-bank-fd-rd-interest-itr/
http://www.relakhs.com/misconceptions-on-tds-tax-deducted-at-source/
http://www.relakhs.com/tax-deducted-at-source-tds-rates-fy-2016-17/
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