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Nrupal Save

Taxability of Interest Income...
Hello Amlan,

I have an Interest Income of (14,722) from Savings Account which crosses limit of tax exempted limit of 10,000 (under 80TTA). So, I am paying tax on interest earned beyond exempted limit, while filing ITR1..

However, I also have received interest income of 1063 from Recurring Deposit wi...
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Amlan Dutta
You will show saving plus recurring deposit interest income and show combined figure under income from other sources ...
For saving interest portion, you are eligible in your case to seek 10,000 rs deduction under 80 TTA (Lesser of 10,000 Rs or saving interest income i.e 10,000 in this case) ....

The ...
  • August 31, 2018
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TRIPATI SAHU

Taxation of Fixed deposit...
Sir, I have a FD on bank from which I will get a interest of 9000. Since interest is below 10000, I have submitted online Form 10G in bank account.but my annual income is above 5lakh. Am l eligible to submit FORM 10G ,if not what should I do as I have already filled FORM 10G online in my SBI bank...
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Amlan Dutta
You were not eligible to fill form 15 G but now that you have submitted, bank will not deduct TDS ....what you can do is compute the tax liability and pay advance tax accordingly ...nothing to worry , next time don't repeat this mistake
  • August 15, 2018
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santosh kumar Sahoo

Taxation of Fixed deposit...
Dear sir, i have a fixed deposit interest income of 16600 which i have mentioned in income from other sources. bank has deducted 1660 as TDS. this is also showing in my 26 AS , and i mentioned this in sch TDS 2 also.but I dont want to claim 1660 as my total income exceeds 9 lacs. and i have already...
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Amlan Dutta
In schedule 2 there is amount claimed field... claim 1660 deducted TDS there as well .... then you shall see credit
  • August 9, 2018
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santosh kumar Sahoo

Taxability of Interest Income...
I am a salaried employee getting 9lakh PA. my bank FD interest is 16342 and bank deducted 1634 as tax. Where to show my interest 16342 and 1634 in ITR I
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Amlan Dutta
Any taxable interest income is to be offered under other sources only ...so ,you shall show Fixed deposit interest income under other sources... .You will take credit of deducted TDS in TDS schedule ...you can refer to my videos for the same ...
  • November 27, 2018
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DIVYANSH TRIPATHY

Taxability of Interest Income...
hello sir , my father has only saving interest and fd income of rs 160000 ,so if i filled return for tds refund , and it department ask from where u got money for fd and for saving bank . then ? pls clear this query
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Amlan Dutta
Any assesse should be able to justify the amount it shows as income ...the income doe not automatically happen ...it is queit possible that your father has this income from salary , pension , house rent etc etc something ---that can be used to convince the assessing officer but generally such small ...
  • July 27, 2018
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Nainpreet

Taxation of Fixed deposit...
I have 5yrs tax saver fixed deposit in bank and every year accured interest is earned on it. As the accrued interest is less than 10,000/- TDS is not deducted by bank. Pls. Confirm whether i have to declare accrued interest under head 'income from other sources' and pay tax accordingly or i can pay...
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Samik Das
Not required.
  • July 26, 2018
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Amlan Dutta
It is better to declare it and file a nil return .........check tutorial on taxation of FD interest ( video answer option)
  • July 26, 2018
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DIVYANSH TRIPATHY

Taxability of Interest Income...
hello sir my father has saving bank interest + fd income total of r s 160000 only , actually my father is pandit jee and getting money for daily need , so whether i have to show that also or not . . and on fd income tds has been deducted so i want redund . my father never filled return eariler , i...
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Samik Das
File return to claim refund.
  • July 26, 2018
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Amlan Dutta
There will be no notice served ...file ITR 1 for refunding the TDS ...check video solution for this answer for live solution ...select question category properly else next time query will be deleted from the site
  • July 26, 2018
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geeteshri

Taxability of Interest Income...
Hi Amlan, I have in my form 26AS ..."194A" amount of TD deducted as 4550 rs. Now this should be filled in 80 TTA or it will come under income from other sources. I am confused.
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Samik Das
Chk whether 4550 is your savings account interest. 80TTA is not available for fixed deposit.
  • July 26, 2018
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Amlan Dutta
This is FD interest income ( on savings there is no TDS) ...so, It will come under income from other sources , however there is no deduction benefit of 80 TTA on FD interest income ...had it been savings , you would still be required to show the income under income from other sources and claim benef...
  • July 26, 2018
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Avadhesh

Taxation of Fixed deposit...
Dear Sir,
Thanks for the replay. I have an FD in UBI. Bank has not deducted the TDS amount. I have seen in Form 26AS it has shown 0. Just credited amount is mantioned. And when I file the IT return it shown the Bank column but TDS amount is not available. How can I file the return? Pls do the needf...
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Amlan Dutta
It doesn't make sense...offer bank interest under income from other sources schedule in ITR 1 ...in the TDS schedule which should anyways be prefilled with 0 , you wont be taking any credit since no TDS was deducted by bank....therefore TDS amount is not available
It doesn't make sense...offer bank interest under income from other sources schedule in ITR 1 ...in the TDS schedule which should anyways be prefilled with 0 , you wont be taking any credit since no TDS was deducted by bank....therefore TDS amount is not available
  • July 19, 2018
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Mayank Gupta

Taxation of Fixed deposit...
Dear Amlan,
I have salary and fd interest income. Form 26as is showing fd interest amount
different from actual (interest certificate from bank). Which amount I should show in itr? From 26as or from interest certificate from bank? Amount in interest certificate is more than amount in 26AS. Moreov...
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AYUSH
You are required to show only the amount of 26 as interest on fd as others income moreover don't forget to fill tds schedule of same If tds is been deducted.
  • July 17, 2018
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Amlan Dutta
Contact bank to update TDS return properly so that the figures appearing in interest certificate get updated in 26 as ....you can then show the 26 as figures and claim credit for the deducted TDS

Check answer options - videos for relevant videos.
  • July 17, 2018
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CHAMAN SINGH NEGI

Taxability of Interest Income...
Hello Amlan Dutta...
I want to know which interest I should show in "Income from other sources head"?
Int Paid or Int Accrual?
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Amlan Dutta
Both interest accrued and interest paid has to be offered ..Better to look at 26as( tax credit statement) for guidance in the matter

Under answer options - Video, click on videos to see relevant videos on the topic
  • July 17, 2018
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Nitin

Taxability of Interest Income...
Sir, I've a question / doubt. My father has saving bank interest > 10000. Since bank doesn't deduct TDS for saving account interest, there is no entry for same in 26AS form. Now if we provide that income in "other sources" column and put 10000 in 80TTA then what should be filled in "Sch tds2" column...
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Amlan Dutta
Understand the concept here....what is the TDS schedule for ...it is for claiming TDS credit for deducted TDS ...in this case if no TDS has been deducted , can you claim credit of deducted TDS ...obviously no and therefore you shall keep the TDS schedule blank ....

Under answer options , click on vid...
  • July 16, 2018
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