Refund of Tds amount deducted by bank?
Ashim kr Ray (social service) (1695 Points)
09 June 2017Ashim kr Ray (social service) (1695 Points)
09 June 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 09 June 2017
First get TDS certificate from the bank.
Also check 26AS of the Mother's PAN.
If any TDS credit available for last 2 years, file ITR1 for each year online and claim refund.
Ashim kr Ray
(social service)
(1695 Points)
Replied 09 June 2017
Sir,
ITR 1 thought she does not have any income,what income to be shown in ITR?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 09 June 2017
Just bank interest income, any.. any... other income, if she has.
Main intention is to declare nil tax liability, and hence refund!!
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 09 June 2017
Yes. The net tax liability on your mother comes to around Rs. 5,150 (10,000 [slab rate] - 5000 [rebtate 87a] +150 [cess]).
But bank has deducted Rs. 17,000 as TDS.
Hence, if you want to get refund of Rs. 11,850 (ie., 17,000 - 5,150), you need to file the return ITR-1 within due date, by following steps given above.
You can show Rs.4 lakhs as "Income from Other sources". Dont forget to claim rebate of Rs.5000 against cell D2 in part D.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 June 2017
Agreed Sanjay. S...
And your mother have any deductions under Chapter VIA you can claim all Deducted amount
Rajesh Gupta
(2 Points)
Replied 09 June 2017
Manoj P
(Accountant )
(25 Points)
Replied 09 June 2017
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 10 June 2017
Oh sorry.. My apologies.. Just now, I re-read your question and realised that I had mistakenly considered the amount of Rs. 4Lakhs as Income of your mother...(when infact it was the FD Amount). Only the Interest element received on maturity is taxable.
Please ignore the calculations I have given in my previous answer..
@ Mr.Ashim Kr Ray.. Please check actual income from her 26AS and you may confirm her tax liability by using some tax calculator. The following link is a good income tax calculator: (select AY 2017-18 and fill remaining details in relevant fields)
https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator-234abc.aspx
RAHIL
(ACCOUNTANCY)
(247 Points)
Replied 10 June 2017
You need to file return compulsorily if you want to get refund