If I have interest income totalling to Rs2.5 lacs. I have annual PPF investment of Rs 1lac. So Rs 1lac of PPF can be deducted from the interest income. So do I have to pay tax @ 10% on bal Rs 1.5 lacs. Or only if the bal amount crosses Rs2lacs and more.
3 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 01 April 2014
You don't have to pay any tax till your net taxable total income crosses 2 lacs.
2.5 lacs - 1 lacs = 1.5 lacs
However you will have to file your income tax return mandatorily.
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 April 2014
Check 26AS. TDS might be deducted from your interest income. You shall be eligible for a refund because your income is below tax slab (2 lacs) provided you file your return.
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 02 April 2014
on every excess amount of rs 10000 banks required to deduct tds hence tds must hve been deducted..so check 26 As.
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