Janaki (Account Assistant) (93 Points)
03 July 2014Hi..
I have ine query...
One of my clients has FD interest of Rs.30488 and TDS deducted Rs.3049
TDS is reflecting in Form 26 AS.
My question is: Should I show interest income in ITR 1 under the head income from other sources even if TDS is deducted?
If it is shown and entered TDS 2, it is showing tax payable not refund..
Does he get refund of TDS or no?
CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 03 July 2014
praveen
(Chartered Accountant)
(6971 Points)
Replied 03 July 2014
Shashank Upadhyay
(Students)
(288 Points)
Replied 03 July 2014
RADHIKA JALAN
(agarwal)
(1521 Points)
Replied 03 July 2014
S.GANESAN
(AUDIT MANAGER)
(110 Points)
Replied 04 July 2014
Check the Total Taxable Income and then check which TAX Bracket he/she is coming.
Then you will understand whether it is REFUNDABLE r futher TAX PAYABLE
Nagam saisameer
(CA FINAL )
(170 Points)
Replied 04 July 2014
@ janaki .may i suggest you to post complete income details to judge whether taxable or refundable. Further it may be well if you could caluclate as per slab rates for FY 2013-14 (i.e 2014-15 slab rates). Further you may keep in mind sec 87A i.e regarding about the rebate of 2000 rs available whose income is below Rs 500000 Net total Income .
varsha
(Chartered Accountant)
(68 Points)
Replied 04 July 2014
Income as interest has to be shown in ITR even if TDS is deducted. The details TDS so deducted will be filled in the TDS tab of ITR and if tax is not calculated under any other provision this TDS can be claimed as refund.
Ramanuj
(Accountant.)
(834 Points)
Replied 04 July 2014
Dear all
Before make a computation as per income to see slap of income tax. if your income exess of slab rate 10 %, 20, & 30 %. not having refund because you tds deducted by bank 10% but slab rate have 20 % & 30 % to be tax paid.
Thanks & regards
Ramanuj
Ramanuj
(Accountant.)
(834 Points)
Replied 04 July 2014
Dear all
Before make a computation as per income to see slap of income tax. if your income exess of slab rate 10 %, 20, & 30 %. not having refund because you tds deducted by bank 10% but slab rate have 20 % & 30 % to be tax paid.
Thanks & regards
Ramanuj
Hemant
(Accountant)
(21 Points)
Replied 05 July 2014
Hi,
FD interest in the tds deducted 10% and claim refund in detail Form 26 AS.
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 06 July 2014
A K Jain
(Service)
(160 Points)
Replied 07 July 2014
Yes,FD interest is taxable & to be shown in ITR alongwith TDS details . Based on total income, form will calculate & indicate taxable/refundable amount.
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