Bank interest

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2013 dear sir
i earnd fd interest from bank during fy 2012-13. i want to pay tax on line against interest. i am salaried person. which challen is used for tax payment, and which return to be filed by me.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 July 2013 In case you do not have exempt income U/s 10, like Transport Allowance or HRA , more than Rs 5000/- you can file ITR 1.
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In other case, you have to file ITR 2.
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Challan No 280 is applicable for payment of tax.
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Ganeshbabu K

Ganeshbabu K (Expert)

01 July 2013 challan 280 is applicable

@paras bafna sir small doubt

generally every salary employee will have conveyance allowance of 9600 can we consider this also --in this case also itr2 only need to do..what if we show income chargeable under head salaries directly in itr1(means nett amount which shows in itr1 6th coloumn)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 July 2013 Techinically speaking, it is an exempt income.
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This also requires reporting in ITR-1 against the column of exempt income.
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In fine print it has been mentioned that Go to ITR 2 if exempt income is >5000.
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It is better to opt ITR 2 to avoid non reporting of exempt income.

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