Tds

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2017 Mr. X is salaried emplyed having following income
Salary Rs.290000.00
Income from other sources Rs.98000.00 (Bank Interest/FD Interest)
Investment under Sec. 80-C & 80-D Rs.98500.00
My question is:
(i) While calculating tds on salary other income must be including?
(ii) Amount of Tds on salary

Please reply us on urgent

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)
Follow

27 April 2017 Yes, other income should be included. The assessee may furnish statement of particulars of income under the head other than salaries(not being a loss under any such head other than loss under the head income from house property).

Tax shall be determined at the average of income-tax computed on the basis of the rates in force for the financial year. ie, if any tax liability arises deduct tax in proportion of estimated tax on total income.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2017 in my case what is tds is liability on salary.
Please reply its urgent

Upgrade to CAclubindia Pro. Subscribe Now!

Expert : Anonymous

Expert : Anonymous (Expert)

27 April 2017 In your case TDS is not applicable