Resolve my income tax calculation query

This query is : Resolved

padmavathy (Querist)
Follow

04 August 2013 Hi,

I am trying to submit my income tax returns through online (ITR1).

I am working individual in a company. I have fixed deposits in my name well. My company has already deducted tax on my income for the last year. Also the bank has deducted 10% TDS on the interest earned for my fixed deposits.

Now, I have inputted the total income earned from my salary in the "Income from salary" head. Also I have inputted the total income earned from fixed deposits in the "Income from other sources". Now if I try to calculate tax it exceeds the amount deducted by both company and bank.

Is the amount inputted in the above heads is right?. If so, do I have to pay the remaining tax to IT dept?
If the above input is wrong then under which head have to report the income earned from the fixed deposits?

raghavender upadhyay

raghavender upadhyay (Expert)
Follow

04 August 2013 your computation are corect. actually bank deducted only 10%. but we have to 10.30% on total income (below 5 lakhs) i.e u have to pay education cess @3% on bank interest.

K.M.CHANDRAN

K.M.CHANDRAN (Expert)
Follow

05 August 2013 Income tax rates for Individual asessees for the year are as follows:

Where the total income does not exceed Rs. 2,00,000/-.

NIL
Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.
10% of amount by which the total income exceeds Rs. 2,00,000/-

Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
Where the total income exceeds Rs. 10,00,000/-.

Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

On the TAX calculated as above 3% education cess is also payable.
TOTAL INCOME IS THE INCOME ARRIVED AT AFTER ADDING ALL INCOMES LESS REBATES ALLOWED AS PER THE INCOME TAX ACT.

Banks recovers only 10% of the interest payable to you. In case your total income is above Rs 5,00,000 your income exceeding Rs 500000 is taxable @ > 10 % !
You may pay the difference of tax and interest through challan or by e-payment,under head "self assessment tax". As you press the key "calculate" the ITR form will calculate and provide the amount payable by you towards tax,interest etc.
If you inform details of additional income to your office,they will make tax recoveries accordingly sparing you from the small hazzles of making self assessment tax.

Upgrade to CAclubindia Pro. Subscribe Now!