E-filling of return ay 2013-14

This query is : Resolved

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03 July 2013 Electronic E-filing of Income tax return mandatory if income exceeds Rs 5 lakhs:

for the purpose of calculation of income limit of 5 lakhs: it is net taxable income under IT act ie income under salaries less interest on housing loan less deductions under section 80C.

Please check and reply

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 July 2013 Yes.Taxable income is after allowing the Sec.80C & Interest on housing loan

Querist : Anonymous

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16 July 2013 hello,

bank deducts the TDS @ 10% on interest on Fixed deposits. now when we add this income in our total income and we fall in the tax slab of upto 5 lakhs then what about the education cess& s h educ cess of 3%.

is the individual required to deposit this 3% on TDS deducted by bank on his own??

kindly check.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 July 2013 Yes, what ever the tax liability balance you need to pay as self assessment tax and file the return

Querist : Anonymous

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17 July 2013 you mean to say that individual is required to deposit the education cess & s h education cess of 3% as self assessment tax on the TDS deducted by banks on fixed deposits.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 July 2013 Yes. that is the meaning

Querist : Anonymous

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18 July 2013 Thanks for the reply

Querist : Anonymous

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25 July 2013 hello,

for a senior citizen who is of the age 60 years the exempted income is rs 250000 for FY 2012-13

for checking the age 60 years - which year do we need to check for calculating the age of 60 years ie at the time of filling of return or the year in which income is earned.

for eg, if a person is born on 25 jun 1953, will he be considered as senior citizen while filling the return (upto 31-7-13)of FY 2012-13.

kindly check and confirm

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 July 2013 No. it will be the year which he earned the income. it will be on or before 31st March 2013

Querist : Anonymous

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26 July 2013 thanks for the reply

Querist : Anonymous

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09 August 2013
Hi,

suppose i have fixed deposit in two banks accounts:

1) bank1 = interest earned on 150000 @ 8% for FY 2012-13 = rs 12000
bank has deducted TDS @ 10% ie Rs 1200

2) bank2 =interest earned on 200000 @ 8% for FY 2012-13 = rs 16000
bank has deducted TDS @ 10% ie Rs 1600

total income from other sources is rs 28000 on which 2800 has been deducted as TDS.

Now can i claim a deduction of rs 10000 as tax free interest income from rs 28000 and then calculate the tax on 18000 only alongwith my salary income??

please confirm.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 August 2013 Bank FD interest are not tax free interest. it is taxable

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Querist : Anonymous

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10 August 2013 but upto 10000 bank doesnot deduct the tds, so can we use that exemption of 10000 in our final return??/

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 August 2013 Rs.10000/- which bank considering the limit is TDS threshold limit u/s.194A. That is not meaning of R.10000 exempted.

Interest on savings accounts will eligible for deduction u/s.80TTA. other interest will be taxable under Income from other sources

Querist : Anonymous

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12 August 2013 it means if bank does not deduct tds being amount of interest is less than 10000.
then while adding bank interest income in the income of the assesse under other heads then we need to pay tax on the FD bank interest income even if the amount is less than 10000.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 August 2013 Yes. Interest other than covered under sec.80TTA & exempted interest even below Rs.10000 is chargeable to tax

Querist : Anonymous

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13 August 2013 thanks for the reply.