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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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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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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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Pradeep Patra

Taxation of Fixed deposit...
Hello,
I just went through one of your YT videos about filing options of accrued-each-year or paid interest year. But in that example, if someone chooses to file taxes on all income on the year of payment, you showed how to carry forward the tax deducted by bank in previous years to claim together (...
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Amlan Dutta
Actually though the act permits , it is not a good idea to offer interest on actuals ...i will advise everyone to offer income on accrued basis as reflecting in 26 as only , since recently i have seen a lot of scrutiny assessment notices where the income is not offered on actuals ......coming to you...
  • July 16, 2018
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Amlan Dutta
Next time , select category properly to avoid question entry getting deleted
  • July 16, 2018
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RAVIKUMAR JENTIBHAI NAGAR

Taxation of Fixed deposit...
sir, my annual income is not taxable in fy 2017-18 but this year I got Rs. 500000/- amount on bank FD (seven-year maturity) so now my income taxable or not
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Amlan Dutta
Every assessment year is treated separately ...for given assessment year , for individual if the gross total income exceeds threshold level , then he/she is required to file return of income ...assuming that you are a non senior resident individual , your threshold level is 2.5 lakhs for FY 2017 1...
  • May 31, 2018
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