Do i need to fill itr-2 ?
This query is : Resolved
07 June 2014
I have a MOD account with SBI from which I got Rs 15000 as interest. Now,we all know that MOD account being a 'term deposit', all of the interest earned qualifies for tax. SBI has done that and they have deducted Rs.1500(10% of the interest earned by me) as TDS and it is duly reflected in my form 26AS.
All well and good till now, but when I enter this interest amount(Rs.15000)while filling my IT Return-1,the software calculates the interest at 20%, so it is adding the interest to my total income and calculating income tax on this final sum.
There is no provision in ITR-1 to fill this income from interest from term deposits. My questions are:
1)Is my TDS on interest correctly deducted by the bank
2)Where should I reflect this in my ITR-1/Will I have to fill ITR-2 instead?
All well and good till now, but when I enter this interest amount(Rs.15000)while filling my IT Return-1,the software calculates the interest at 20%, so it is adding the interest to my total income and calculating income tax on this final sum.
There is no provision in ITR-1 to fill this income from interest from term deposits. My questions are:
1)Is my TDS on interest correctly deducted by the bank
2)Where should I reflect this in my ITR-1/Will I have to fill ITR-2 instead?
07 June 2014
What is your source and amount of non interest income? If your other income exceeds 5 lakhs after all adjustments the interest shall be charged to tax @ 20%. If you have business income then file itr4 otherwise itr2. Itr1 is primarily for salary.
07 June 2014
you can continue filing ITR 1 (subject to earning exempt income less than Rs 5000)
please note that TDS on interest is at 10% only. the remaining tax is to be paid by you.
please note that TDS on interest is at 10% only. the remaining tax is to be paid by you.
07 June 2014
you can file itR-1 and interest income show under income from other sources. tds deducted by the bank is ok due to TDS rate is 10% under income tax if you submit the PAN with Bank.
you taxable income is above Rs.5,00,000/- then your income will taxale @ 20% up to Rs. 10 lcas.
you taxable income is above Rs.5,00,000/- then your income will taxale @ 20% up to Rs. 10 lcas.
07 June 2014
Dear experts,
My taxable salary from govt service is around Rs.6,00,000. So if I add the 15,000 from interest to my salary from income,it goes in tax- slab of 20%. But the bank has cut a TDS on this 15,000 at 10% only(RS.1500).
If I add this amount to my total salary then I have underpaid the tax and I need to pay the remaining tax(Rs.1500+Education cess)and get a challan. Am I right? is this what I need to do?
Also, do I need to fill ITR-1 and show this interest income under the head "income from other sources" or shall I fill ITR-2.
I am thoroughly confused by now.
Kindly help.
My taxable salary from govt service is around Rs.6,00,000. So if I add the 15,000 from interest to my salary from income,it goes in tax- slab of 20%. But the bank has cut a TDS on this 15,000 at 10% only(RS.1500).
If I add this amount to my total salary then I have underpaid the tax and I need to pay the remaining tax(Rs.1500+Education cess)and get a challan. Am I right? is this what I need to do?
Also, do I need to fill ITR-1 and show this interest income under the head "income from other sources" or shall I fill ITR-2.
I am thoroughly confused by now.
Kindly help.
07 June 2014
yes this is what you need to do.
Bank will always deduct at 10% only. you pay the remaining tax.
you can file ITR-1 subject to "exempt income" being less than Rs 5000. otherwise you file ITR-2
Bank will always deduct at 10% only. you pay the remaining tax.
you can file ITR-1 subject to "exempt income" being less than Rs 5000. otherwise you file ITR-2
07 June 2014
Thank you Nikhil sir.
My Total "exempt income" is Rs.14000 from Transport allowance + Kit Maintenance allowance.But its a part of my salary only(I am a government Doctor). I have no other income other than 1)my salary 2)Bank Interest
Do I need to show this "exempt Income" at all since this is an allowance which is part of my salary only. Because if I don't need to show this, I can fill ITR-1 which is very simple compared to ITR-2.
My Total "exempt income" is Rs.14000 from Transport allowance + Kit Maintenance allowance.But its a part of my salary only(I am a government Doctor). I have no other income other than 1)my salary 2)Bank Interest
Do I need to show this "exempt Income" at all since this is an allowance which is part of my salary only. Because if I don't need to show this, I can fill ITR-1 which is very simple compared to ITR-2.
07 June 2014
then you need to File ITR-2.
09 June 2014
ITR for salary, one Houseproperty,bank iterest but not capital gain
ITR2 for salaary, more than two Houseproperty, iterest income and Caital Gain,but ot Business income
ITR2 for salaary, more than two Houseproperty, iterest income and Caital Gain,but ot Business income
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