29 June 2011
As per new notification no need to submit IT return if taxable income upto 5 lacs. So can u tell me, employer have to consider bank interest amount of employees with Salary income in case of issue Form 16 and for TDS calculation?
30 June 2011
this notification applies if your total income from following sources dose not exceed Rs 500000 1. Salary from one employer 2. Intt on saving bank not exceeding 10000 3. And all the above income is subject to TDS by employer
CA MANOJ GUPTA JODHPUR 09828510543 gm2104@gmail.com
30 June 2011
In case the bank is giving Form 16A for tds deduction, the employer will consider that and reduce the tds liability amount bu tds deducted by bank. In the abscence of form 16A, you can declare the interest income to your employer and they will deduct tds accordingly by adding this income.
30 June 2011
PLEASE NOTE THAT A BANK IS NOT LIABLE TO DEDUCT TAX ON INTT CREDITED IN THE SAVINGS BANK ACCOUNT SO NO QUESTION OF FORM NO 16A WILL ARISE IN CASE ONE HAS FD THEN HE WILL NOT BE COVERED BY NOTIFICATION WHETHER INTT ON FD IS LIABLE TO TAX DEDUCTION OR NOT
CAclubindia
