Tithi (-) (111 Points)
23 June 20081. if a person has income frm FD and Pension income in this A.Y.
say, 3lacs frm F.D and 1.6lacs frm pension.
2. and the interest frm FD (3 lacs) comes after deduction of TDS by the bank...
3. how will the total income be computed????
a) do i hav to calculate the tax on 4.6lacs, and then deduct the TDS that has already been cut by the bank, on the FDs?
b) or i shall hav to calculate tax only on 1.6lacs?
pls help.
Shekar
(CA & LCS )
(1109 Points)
Replied 23 June 2008
Hi... You should to calculate the tax on 4.6lacs, and then deduct the TDS that has already been cut by the bank, on the FDs
Arun Khandelwal
(Pracitising Company Secretaries)
(57 Points)
Replied 23 June 2008
Sandeep
(CA Final)
(52 Points)
Replied 23 June 2008
Hello,
Tax always must be calculated on Net income then you can claim the TDS
CA Atul Gangwar
(Coal India manager)
(100 Points)
Replied 23 June 2008
First you must calculate your tax liability on net income and then claim TDS already deducted from our income
vikas
(CA FINAL)
(47 Points)
Replied 23 June 2008
HI!!! tithi
Tax is always computed on net basis i.e on bank intt and and salary ( in your case). if after adjustment of tds any tax is yet to be paid then it is to be paid ,And if your tds is deducted more than what you were supposed to pay because of bank doesnt know your investment status is than you can claim refund of the excess tds deducted
CAclubindia
