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JITENDRA

Category : Income t..,
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April 27, 2016 7:49 am
  • Income tax
I have saving bank account and some Fixed Deposit A/C in same bank. Bank is giving interest on Saving Bank main A/C and as well as FD A/C. I am sure that we need to include the interest as OTHER INCOME in IT return for FD A/C. What about the interest paid on saving account. Case 1: If I got interest...
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Amlan Dutta
You need to see my tutorial on taxability of interest income.
First , please understand that the interest under savings and FD or any other interest income have to be clubbed and put in income under other sources .

Once that income is declared , next let us talk of deduction benefits available in ter...
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  • April 27, 2016
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JITENDRA
In realistic, one of my relative got interest of Rs. 8072 from Saving AC for FY 2015-2016. I clubbed all FD interest and put these under other income source and filed the IT returned for FY 2015-2016. Later I came to know that there is an interest of Rs. 8072 from Saving AC which I missed to include...
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  • April 27, 2016
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SUNIRMAL DATTA

Category : Income t..,
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April 26, 2016 12:19 pm
  • Income tax
Hi Amlan,
My wife is a housewife.She was having a single A/C in her name.Last year, considering her mobility problem & future consideration, she made it a joint A/C with her son(2nd holder). Now, our son has become a tax-prayer. In view of the above,
1.Whether our son should declare this A/C in his IT...
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Amlan Dutta
Case is as follows --Your wife has joint account with your son where your wife is the primary account holder and contributor to the fund and son merely a joint holder in terms of nominee ...Now to address your questions

Q- 1.Whether our son should declare this A/C in his IT return or not. If yes, wh...
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  • April 26, 2016
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Harish Madaan

Category : Income t..,
Solved
April 26, 2016 2:18 am
  • Income tax
Hi Amlan,

I am recently moved to UAE and already stayed more than 182 days here. SO technically my status is NRE.

I am holding NRE and NRO account as well. I have couple of questions to ask

1. Is it OK that my existing saving bank account continue AS IS and I can use it for my Indian transactions (bill...
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Amlan Dutta
Lets understand a few things first ....the status( tax residential status ) of a person can never be a account type ...residential status can only be resident / non resident / resident but not ordinary resident .....

Like you cannot say that your status is a savings account , likewise you cannot say ...
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  • April 26, 2016
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Harish Madaan
Thanks Amlan for explaining and setting the correct background. Best Regards,Harish.
  • April 27, 2016
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Deepak Singh

Category : TDS..,
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April 25, 2016 1:16 pm
  • TDS
Dear sir,

i would like to know that TDS deduction on salary . Whether TDS is done on basic salary or whether TDS is done on basic salary + all allowances as like HRA, conveyance etc.
please tell me about this.
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Amlan Dutta
TDS is done on taxable portion of salary and this part is arrived at after removing eligible deductions from salary

Before you proceed to understand , know it is not just salary head , but this is true of any income head i.e in any income head , it is ONLY the taxable portion of the head alone that...
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  • April 25, 2016
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