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Discussion > Income Tax > TDS >

Regarding tds at bank

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SR

[ Scorecard : 51]
Posted On 13 July 2012 at 14:19 Report Abuse

Say for the FY 2011-2012,

My taxable income (as salary alone) is 6 lacs and my employer has deducted a TDS of 53560.

I get 1000 as interest from my savings account. No TDS deducted.

I get 10000 as interest from my fixed deposit. TDS deducted 10% as 1000.

 

I have the following doubts:

  1. Will the 'Total taxable income' include both the interests (from savings and fixed deposit) or from fixed deposit only?
  2. As I fall in the above 5 lac slab, I am entitled to a 20% tax, hence should I pay more tax on the interest of the fixed deposit, above that of the 10% TDS?


Prakshal M. Shah
CA & M.Com

[ Scorecard : 69]
Posted On 13 July 2012 at 14:45


Dear,

 

your taxable income vl include both saving & FD interest

yes, you r required to pay tax of Rs. 1266/- approx. provided u have nt made any investment for deduction.



Total thanks : 1 times



Prakt Das
SR

[ Scorecard : 51]
Posted On 13 July 2012 at 17:21

Thank you very much!


There are 2 Replies to this message






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