Facing issue for filling income tax return
This query is : Resolved
02 January 2025
Is Tds liable for interest received on accident claim from insurance company ?
The insurance company deducted tds of 40000/- on interest received 400000 on accidental claim reflected in 26AS. And the interest amount is cross the exemption limit 300000 for senior citizens.
The hurdle we are facing on filling income tax return to get the refund due to have only one source pension income receive from haryana government which is restricted to 300000 income limit. And 4 lacs interest amount is received which is one time income.
After filling income tax return, Is it impact the pension income?
The insurance company deducted tds of 40000/- on interest received 400000 on accidental claim reflected in 26AS. And the interest amount is cross the exemption limit 300000 for senior citizens.
The hurdle we are facing on filling income tax return to get the refund due to have only one source pension income receive from haryana government which is restricted to 300000 income limit. And 4 lacs interest amount is received which is one time income.
After filling income tax return, Is it impact the pension income?
Dhirajlal Rambhia
(Expert)
03 January 2025
1. Yes TDS is applicable over interest.
2. File ITR with both incomes, there will be no effect as the rebate u/s. 87A would apply and you will get full refund.
2. File ITR with both incomes, there will be no effect as the rebate u/s. 87A would apply and you will get full refund.
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