I have a few questions re. SB interest. Please help:
1. Is Savings bank account interest < Rs. 10,000 taxable for the current AY 2012-13? Or is it only from next year that it is not?
2. My bank has not done TDS on this amount. Should I file challan 280 with appropriate tax?
3. Do I need to pay interest penalty on this payment @ 1.5%?
If its less than 10000 than tds certificate will not exist, if its is greater than 10000 and bank deduct and tds their on than you can ask to bank concerned to proivde you form16, else you need to compute your tax liability and pay it accordingly.
So I need to compute tax liability and pay tax even if interest is < Rs. 10,000?
Do I also owe interest penalty as payment is after March 31st?
CAclubindia
