Interest earned on bank fds & savings account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2017 Respected Experts
Greetings

1. I am an NRI plan to return. Senior Citizen.

2. I would like to know total percentage of Income Tax that I will have to pay on Interest Income derived from Bank Fixed Deposit and Savings Account. There is no other income whatsoever.

3. What deductions/benefits are applicable/allowed.

4. PAN is available.

5. Is it time consuming to file ITR and to make payments as well as to obtain refunds if any applicable. Advance payments have to be made?

Thank you for the help.

Sincere Regards

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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02 August 2017 Sir, 2. Total percentage of income tax can be known only on the basis of the income from savings account and bank fd. Your first Rs.3 lacs is basic exemption if you're less than 80 years of age. Limit will be Rs.5 lacs if you're above 80

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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02 August 2017 3. deductions under 80c , 80 d , 80 tta are availabel if you have made the investments specified in 80 c , taken ,edical insurance under 80d.. 80tta is available upto Rs.10000 as interest from savings accounr

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K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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02 August 2017 5. Not at all time consuming. You can file it easily online. Advance tax payment is to be made if your estimated income tax liabilityfor the whole year, after basic exemption and deductions, is more than Rs.10000

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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02 August 2017 In case of any clarifications or assistance in filing income tax returns, please message me at arthaconsultingservices@gmail.com

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2017 Respected Shri K. Srinivas,

Greetings!

1. Many thanks.

2. I will contact you in case of any further need. I have made note of your email id.

Thank you for the help.
Sincere Regards