Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Income tax return

02 October 2012

hi all,

I have some fixed deposits in different banks.During previous year 2011-12 i could not estimate my interest income properly in the early months ie april and may and in the month of may i gave form 15-g to banks bcoz i thought that my income will be within tax limit and there will not be any tax payable.But during oct and nov 11 i made some more fixed deposits and now my interest income is greater than the tax limit even after claiming deduction under section 80c. Banks did not deduct tds on previous fds bcoz i gave form 15g.Now what should i do? I didnot file return till now bcoz somebody told me that i have made a great mistake and violation of laws and will be fined and prosecuted.I have a form-16 for the py 2010-11 which are given by bank in 2012. Can i claim tax credit for that in the current year. What should i do ?Plz reply

Thanks

Reply
Follow
Share

2 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 02 October 2012

Since you had given Form 15G to the bank, bank has not made TDS though it was requried to be made. You shold have paid Advance Tax during the financial year in order to avoid interest charges. Now the option is to file the I-T return and pay the itnerst u/s 234B & 234C for non-payment/snort payment of advance tax.

For the Form 16A recd for 2010-11, you can file the Retunr ofr A.Y. 2011-12 till March 2013. So retunrs for both the A.Y.'s cna be filed now.

Upgrade to CAclubindia Pro. Subscribe Now!

ANUBHAV VISHNOI (-) (150 Points)
Replied 02 October 2012

Hi Giridhar,

Thanks for reply.Actually i forgot to tell you that this is the case of senior citizen. During py 11-12 i had total interest income 375000.And as i told you i gave form 15g wrongly in the month of may.During py i also took LIC of rs 75000 and paid tuition fee rs 35000 for my son.Now after calculating my total income it comes to 25000 on which tax will be around 2500.But now if file return of income will there be any complication.And if i file return income tax department may ask that why did you give form 15g while your income is greater than tax limit.

As regards return of 10-11 it was filed after 31july, for which form16 was given now in 2012. I think this can not be revised. Now i m asking you can i claim tds in the return of income of py11-12.

giridhar i have one form-16 of 4 year back showing amount 3500. can i claim this also now?