Please Help: INTREST INCOME FROM BANKS
Posted Date : 21-Jun-2011 , 04:21:04 am | Posted By: Sumit Garg
Category :
Income Tax | Answers :
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Comments :
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MY INTREST INCOME FROM VARIOUS BANKS ARE 42000 AND OUT OF THIS TDS IS DEDUCTED ON 20000 ONLY BECAUSE BALANCE AMOUNT OF INT IS FROM 3 BANKS ( 7000 , 8000 ,7000 ) AND ALL THOSE BANKS NOT DEDUCTED TDS BECAUSE INTEREST AMOUNT IS BELOW 10000 SO HOW I TREAT THIS KIND OF INTREST INCOME BECAUSE AS PER NEW AMENDMENT IN INCOME TAX , PERSON HAVING SALARY INCOME AND INTREST INCOME BELOW 500000 ARE NOT REQUIRED TO DEPOSIT RETURN AND FORM 16 AND 16 A IS ASSUMED AS RETURN FILLED SO IS THE AMOUNT OF 22000 ( FROM 3 BANKS ) COVERED UNDER CONCELAMENT OF INCOME OR IT WAS DUTY OF THE BANKS TO COMPILE THE INTEREST INCOME OF OTHER BANKS AS WELL ON THE BASIS OF PAN CARD SO PLEASE CONFRIM MY ROLE IN CASE OF THOSE INTEREST ON WHICH BANK NOT DEDUCT TDS |
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Answers:
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 Answer by: Anjali Arora |
| Dear Sir, Please dont write in CAPS because very difficult to read. You have to file the ITR & have to show the Int. Income. If you have given the details of int. to your employer and if employer had deducted the TDS then you can cover under the recent notification for not filing of ITR. If your employer had not deducted the TDS then you have to file the ITE.
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| Answer by: Anjali Arora |
| Dear Sir, Please dont write in CAPS because very difficult to read. You have to file the ITR & have to show the Int. Income. If you have given the details of int. to your employer and if employer had deducted the TDS then you can cover under the recent notification for not filing of ITR. If your employer had not deducted the TDS then you have to file the ITR.
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| Answer by: CA VIKAS JAIN |
| You must filed your income tax return and claim the refund of TDS therein.
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| Answer by: PRIYANKA |
| Hello sumit jee, i agree with the above views...just like to add that it wud have been better had u provided details of ur complete income..here u have given detail about ur interest income only..but in anycase in present scenario, if income from salary and interest is below Rs. 5lac for the financial year and TDS is deducted on that income which is an accurate figure and u dont have to claim refund of tax then there is no need to file ITR, but in case u want to claim refund of TDS then in that case ITR has to be filed...one more thing that u have mentioned that 3 banks have not deducted TDS on ur interest income, this is not a fault on their part that they did not consider interest credited in ur names by other banks, the main thing is that at the end, whether u have paid full amount of tax on ur whole income, i.e,no part of ur income should go untaxed...point of concealment wud only rise if by considering this income some tax wud become payable by u which has neither been deducted by the banks nor by ur employer...then u will have to file the ITR after payment of tax due.
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| Answer by: CA. Sachin Data |
| If you want to enjoy the refund, then you will have to file the return.
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| Answer by: Rishabh Upadhyay |
| Filing of ITR will be a better option in your case,
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| Answer by: Rambabu Senkarasetti |
| File return and claim refund
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| Answer by: Vikash Kumar Jha |
| Hey, its depends on u, if u want that u have a lot of money then u can go option with no filling return and another thing is that without filling return you cann't claim the refunds if your income is not crossing exemption limit.
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