24 February 2012
good morning sir\mam I want to know that supoose my income after deduction is 3.50 lakh and bank interest(orientel bank of commerce) is 10000 than will i fill my return for f.y 11-12. and will bank deduct my tds on interest.plz clear thanks
24 February 2012
The interest is from saving account or fixed deposit?
If the interest is from saving account, then TDS will not be deducted.
Even if the interest is from FD, TDS will not be deducted because the interest amount does not exceed Rs. 10,000/-.
As far as filing income tax return is concerned, you will have to file income tax return because your income exceeds the exemption limit.
However, if you are a salaried employee and you declare the interest income to your employer and the employer deducts TDS on the entire income, then you need not file a return.
Guest
Guest
(Querist)
24 February 2012
BUT SIR MY INCOME LESS THAN 5 LAKH
04 March 2012
I have mentioned in my reply that if you are a SALARIED employee and have disclosed all your income to your employer and your employer has deducted TDS on the total income, then you are NOT liable to file a return.
CAclubindia
