Just Retired Need Some Help about Income Tax

169 views 4 replies

trnghosh

sr asst

219 Points Joined July 2014

Just retied on 31.12.2020 and have some question. Shall be glad for your kind answers on my question.

After retirement I Paid Rs 19320.00 ( Policy for Rs 3.00 Lacs) towards one mediclaim policy arrangement by my previous employer ( S.B.I), can I take deduction for this one under 80 D ( mediclaim premium) for this financial year ( 2019-2020).

2. I made some fixed deposit with Bank and as I did not submit 15H, tax will be deducted at the time of maturity so is their any need to break up the income incurred from these fixed deposit and summed them with my income for this financial year ( Kindly keep in mind TDS will be deducted by the bank at the time completion of financial year ie 31.03.2020).

3. My pension will be around Rs 38000.00 and in a year it will be Rs 456000.00 , I do not have any other income ( some fixed deposit with the bank and bank will debit TDS yearly), so do I have to pay any tax ( as it is below 500000) ?

4. I also need some idea about Sec 80 TTA ( Savings bank intt relief) , Sec 80TTB ( FD, SCSS intt relief).

I think the question is long enough and sorry for this one.

Hope to get some response.

Thanks

T K Ghosh

Replies (4)

CA. Rohan Somani

Chartered Accountant

94 Points Joined May 2013

Hello Ghosh Sir,

Greetings of the day,

Answers of your queries are as follows:

1. Yes, you will able to get deduction u/s 80D

2. Even the amount is received at the time of maturity, Income will be taxable on accrual basis and According;y TDS to be deducted. So on Whatever amount TDS is deducted it will be added to our income this year. Now, you claim refund if excess tax is deducted after filing of your income tax return.

3. If your total income is below 5 Lacs then you are not required to pay tax.

4. 80TTA is for Interest earned on Saving account and you will get deduction u/s 80TTA for such earning subject to maximum of Rs. 10,000/-. U/s 80TTB if you are senior citizen then you are earning interest income from deposit with Banks, Post office and Co-operative banks then you will get deduction of such income Subject to Rs. 50,000/-

I Hope i gave you reply to your query. If you require any further assistance you can directly Message me.

Thanks & Regards

CA. Rohan Somani

trnghosh

sr asst

219 Points Joined July 2014

Many thanks Mr Somani , I send you one PM.

Thanks

T K Ghosh

trnghosh

sr asst

219 Points Joined July 2014

I got one reply from Mr Somani, which is very good only for answer No 2 I have some query and post this one here so that I can get some reply from other experts, here is my query

"2. Even the amount is received at the time of maturity, Income will be taxable on accrual basis and According;y TDS to be deducted. So on Whatever amount TDS is deducted it will be added to our income this year. Now, you claim refund if excess tax is deducted after filing of your income tax return."

For this part say my FD interest for 2019-20 is Rs 61000 and SCSS interest is Rs 7000 and SB Intt is Rs200= Total is Rs 68200 and TDS is deducted on FD and SCSS , while filing my e return I have to show on the column of 80TTB an amount equal to Rs 50,000( senior citizen) as deduction from my total earnings.

Am I ok in understanding.

Thanks all of you for their valuable time.

Thanks.

T K Ghosh.

trnghosh

sr asst

219 Points Joined July 2014

As I did not receive any answer I posted the same again, sorry for this.

As per Mr Somani,

For this part say my FD interest for 2019-20 is Rs 61000 and SCSS interest is Rs 7000 and SB Intt is Rs200= Total is Rs 68200 and TDS is deducted on FD and SCSS , while filing my e return like to know how I will fill up the online return there.

Sorry for double posting, but I could not edit my previous post.

Thanks. T K Ghosh.