E-filing

Save Share

This query is : Resolved

vinod (Querist)

11 August 2014 dear sir/madam, I am govt. servant. all taxes due have been deducted from my salary, before 31mar2014 for FY 2013-14. I am e-filing my tax returns for FY2013-14 late. In my form 26AS on i.tax website, TDSof Rs 1478/- is shown as deducted by bank under section 194A and on filling up tax returns, this amount is showing as "tax refundable". My queries are- i) Do i have to show income on bank ineterst as income from other sources in my return? ii) If yes, do i have to get any kind of statement from bank before filing return? iii) This TDS under 194A has been deducted at 10% by bank ,while i am in 20% tax bracket. so do i have to pay additional tax at 10%(ie to make TDS= @ 20% as per my slab) ? iv) Since i am filing late tax returns, do i have to add 1% fine amount also, before paying this tax? ( filing tax in aug14 instead of july31'2014 with tax due=10% ) v) the helpline of i.tax saying that just claim refund 0f 1478/- as appearing in returns and no need to pay any tax or fine.but i am not convinced. Experts may please help me as i am very confused over this. Thanks in advance. warm regards, vinod.

Read more at: https://www.caclubindia.com/forum/tds-in-26as-for-e-filing-301746.asp#.U-iYfpSSzIc

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 1. Yes, you have to show bank interest as income from other source.

2. Ask TDS certificate from the bank.

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 3. Tax payable/refundable will be calculated after incorporating all income, deductions etc. If there is refund, you will be eligible for refund.
If there is short fall, you have to pay it. You have filled/preparing to file the return late, you have to pay interest @1% per month till the date of filling of return.

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 4. Calculate your income tax liability and do accordingly. Helpline guys are not final authority and there suggestions may not hold good at the time of scrutiny.

vinod

vinod (Querist)

11 August 2014 thanks v.much sir.
so should i pay tax @ 20% on interest earned (as per TDS cert from bank) ,minus the TDS amount , add 1% fine on this amount (for aug'14) and pay via challan and after that do e-filing adding interest income to "income from other sources"?
warm regards,
vinod

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 first calculate total tax liability with cess.
deduct total tds deducted on your behalf
Calculate interest on @1% per month
deposit tax
file the return.

Message likes : 1 times

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 yes bank interest should be shown under the head income from other sources.

vinod

vinod (Querist)

11 August 2014 ok sir. thanks very much for your help.
warm regards,
vinod

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 you are welcomed

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now