Hi, I would appreciate any inputs on my queries regarding taxation/tax filing -
1. I am filing second revised return for FY-2008-09. Earlier, original return was filed in July 2009, and first revised return in august 2009. So my query is, under what section this revised return should be filed - 11 - u/s 139(1) or any other section?
2. As per my understanding, Interest from Fixed deposits is taxable and in case the FD spans over multiple years, tax needs to be calculated and assessed in each financial year. Banks should also deduct TDS if interest more than 10000. My queries are -
a. how much TDS, bank shall deduct?
b. Does it form part of the total income or there is other flat tax rate?
c. Does bank provide any TDS/TCS certificate? or some form16 type form?
d. If the total income after adding FD interest is below taxable limits. How to avoid TDS?
Thanks
Ajay
CAclubindia
