25 March 2018
dear experts, if a person receives 2 lac per annum as pocket money from various relatives and he opens FD with that amount, bank deducts a small amount as TDS say RS.200. Now he files income tax to get refund of Rs.200. Under what head his income will come?
25 March 2018
Pocket money is not taxable, but you have deposited in FD, FD Interest above Taxable limit is taxable under Income from other sources, If Your Income Below 250000/- So not liable to Tax But in order to claim TDS refund, you have to File Income tax return.
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