dear sir/madam,
I am govt. servant. all taxes due have been deducted from my salary, before 31mar2014 for FY 2013-14. I am e-filing my tax returns for FY2013-14 late. In my form 26AS on i.tax website, TDSof Rs 1478/- is shown as deducted by bank under section 194A and on filling up tax returns, this amount is showing as "tax refundable". My queries are-
i) Do i have to show income on bank ineterst as income from other sources in my return?
ii) If yes, do i have to get any kind of statement from bank before filing return?
iii) This TDS under 194A has been deducted at 10% by bank ,while i am in 20% tax bracket. so do i have to pay additional tax at 10%(ie to make TDS= @ 20% as per my slab) ?
iv) Since i am filing late tax returns, do i have to add 1% fine amount also, before paying this tax? ( filing tax in aug14 instead of july31'2014 with tax due=10% )
v) the helpline of i.tax saying that just claim refund 0f 1478/- as appearing in returns and no need to pay any tax or fine.but i am not convinced.
Experts may please help me as i am very confused over this. Thanks in advance.
warm regards, vinod.
CAclubindia
