Tax on interest
This query is : Resolved
23 August 2018
A senior citizen wants to make a deposit of 10 lakhs at an interset of 9.25 per annum at ESAF Bank.What’s the limit of interest for which tax will be deducted ?And which form to be filed for non deducting the tax ??And is there any consequences on filing such form for a normal person??
23 August 2018
No tax will be deducted on amount up to Rs.50000 received/accrued by Senior citizens by way of Interest on FD
23 August 2018
If you have only interest income you can file ITR -1
Normally TDS will be deducted if TDS Amount exceed 10000/- but bank have option to deduct for lesser amount also.
IF income from all heads including interest income below taxable limit give form 15H declaration to not deduct TDS.
Ay 2019-20.you can claim 50000/- Deduction for al type of interest u/s 80TTB.
Normally TDS will be deducted if TDS Amount exceed 10000/- but bank have option to deduct for lesser amount also.
IF income from all heads including interest income below taxable limit give form 15H declaration to not deduct TDS.
Ay 2019-20.you can claim 50000/- Deduction for al type of interest u/s 80TTB.
23 August 2018
If the interest income is above Rs.50,000 and the total income of the senior citizen is less than basic exemption limit, one has to file the form 15H to the bank for non deduction of TDS
23 August 2018
Regarding your query about consequences of filing such forms, please note that the tax laws require assessees to self declare and self comply. Whatever information you report in 15H are taken as correct and in case of any false statement in 15H, actions u/s 277 of IT Act may be taken
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
