Nikhil Kaushik's Expert Profile

Queries Replied : 24293

I handle tax compliance, litigation and advisory services. I am reachable at canikhilkaushik @ gmail.com

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Himanshu says : income tax
First of all I will like to congratulate you for the good work you are doing here. My question is that I have a MOD account with SBI from which I got Rs 15000 as interest. Now,we all know that MOD account being a 'term deposit', all of the interest earned qualifies for tax. SBI has done that and they have deducted Rs.1500(10% of the interest earned by me) as TDS and it is duly reflected in my form 26AS. All well and good till now, but when I enter this interest amount(Rs.15000)while filling my IT Return-1,the software calculates the interest at 20%, so it is adding the interest to my total income and calculating income tax on this final sum. There is no provision in ITR-1 to fill this income from interest from term deposits. My questions are: 1)Is my TDS on interest correctly deducted by the bank 2)Where should I reflect this in my ITR-1/Will I have to fill ITR-2 instead?

Gaurav says : Please Heip
aushik Sir yes sir we can get change it accordingly, but please guide which option would be best for the both (deductor & deductee). by which we can save the vendor tax part and can obey the statutory norms too. Please Advice sir Thanks & Regards Gaurav

Gaurav says : Sir please help.. one last
Sir Can we take it as a contractor as vendor is requesting again and againg... please guide if there is any possibility what if we make a contract or by bifurcate services or change the language of bill as charge towards contract service.. Thanks Gaurav

Gaurav says : please help
Please explain in detail with examples.. to justify for my vendor.. he wants me to deduct the TDS as per Contractor rate.. please help.. Thanks Gaurav

Gaurav says : please help for tds on event
Urgent please help we have a bill Rs.400000/- having service for an event includes stage setup, sound and light, artists, photographer payment. please help regarding Tds applicability with notification. Thanks Gaurav