Karunakar (ACCOUNTS OFFICER IN TATA PROJECTS LTD.) (73 Points)
29 July 2013IF ONE ASSESSEE HAS INCOME FROM BANK INTEREST OF RS.13,000/- THEN IN ITR1 WHERE WE CAN SHOW THE INTEREST INCOME AS UP TO RS.10,000/- IS EXEMPTED U/S 194A. PLEASE ADVICE ME HOW WE CAN TREAT THIS INCOME IN ITR1.
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2013
Total interest earned on saving account will be part of income from other sources which is Rs. 13,000/-
The exemption u/s 80TTA will be shown in the exemption 80TTA which is Rs. 10,000/-
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 29 July 2013
It is deduction u/s - 80TTA not an exemption u/s 194A.
Firstly you have to show Total interest income under IFOS
And claim Rs.10000/- from GTI u/s 80TTA
Karunakar
(ACCOUNTS OFFICER IN TATA PROJECTS LTD.)
(73 Points)
Replied 29 July 2013
Thanks for your reply Mr. Mihir.
N.Ramachandran
(Manager - F&A)
(65 Points)
Replied 29 July 2013
what about the interest income from fixed deposit. One person has int income of 25k and appropriate tax deducted by bank.. how he can claim the refund? under which section.
Please help
Ramachandran.N
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2013
@ Ramachandran
Yes, he can claim refund if total tax paid exceeds total tax liability. Exemption u/s 80TTA is available for saving account and not fixed deposit.
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