Tata motors fd - accrued interest.

ITR 821 views 3 replies

My Tata motors FD deposited TDS on accrued interest for FY2010-2011 as below:

Amount Credited  TDS Deposited
1405 141
1456 146
1494 149
1499 150

Total interest = 5854

Total TDS ( @ 10%) = 586

I am using ITR2 to file returns online.

My questions:

1) Even though bank deducted TDS @ 10%, when I club interest with my total income, will the tax on this interest be applied at the slab rate on which I fall in ? 

2) Should the interest amount of 5854 be added to Bank account interest & shown in Schedule OS column 1(b) ?

3) TDS amount of 586 to be shown under Schedule TDS2 of TDS ? If yes, why there are 2 columns in TDS2 i.e. Total tax deducted & Amount claimed for this year ?

Regards,

Gaurav.

 

 

Replies (3)

1) yes,as per slab

2) Show it as other interest because you received interst from TATA motors and it will come under OS column as you stated

3) read properly there are two columns one is for salaried person and other is for other than salary

( read such ITR, they mentioned all the things.)

rectify me if i am wrong....

thank you

hey your interest amount is less than 10000, then how can a bank deduct TDS on such interest.

We are talking about Company FD (Tata Motors FD scheme launched in 2009) & not savings account interest.

Originally posted by : Sushmita

hey your interest amount is less than 10000, then how can a bank deduct TDS on such interest.


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