01 August 2008
yes the same is to be taxes undet the head "Income from other sources". & everybody who has earned this income, must show this in the return of income.
If I understand correctly then one needs to pay advance tax on estimated income and if they fail to do that and have such tax liability then they have to pay interest under section 234B and 234C.
Is my understanding correct? How can I make an estimate of my income from savings bank account?
Is there a calculator available that can help me in calculating an estimate of return from savings account? can you share that with me?
Also, can you tell me what is the current rate of interest on savings bank account? What happens if this rate changes in between and that effects my advance tax calculations?
Is there a calculator available that can help me in calculating an estimate of return from savings account? can you share that with me?
Also, can you tell me what is the current rate of interest on savings bank account? What happens if this rate changes in between and that effects my advance tax calculations?
01 August 2008
OK. Can you explain me how to calculate interest on SB? Please take an example of min balance between 10th and 30th/31st being Rs. 1000/- every month.
01 August 2008
OK. Can you explain me how to calculate interest on SB? Please take an example of min balance between 10th and 30th/31st being Rs. 1000/- every month.