Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2014 SIR IF INDIVIDUAL (35 YEAR OLD) HAVE FD OF IN BANK AND AS PER AGREEMENT WITH BANK HE WILL GET INTEREST INCOME OF RS 500000 PER ANNAM, SO HE HAVE TO PAY ADVANCE TAX AS ON ESTIMATE BASES AS HIS TAX LIABILITY EXCEED RS 10000 ON THE ABOVE AGREEMENT BASIS. HE HAS ONLY FD INCOME .

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

08 June 2014 yes. advance tax shall apply to you in this case.....

Guest

Guest (Expert)

08 June 2014 yes dear...applicable.....

Rupesh Jain

Rupesh Jain (Expert)
Follow

09 June 2014 you have to deposit the advance tax after deducting the TDS to be deducted by the bank.

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2014 BUT,SIR BANK ON MOTHLY BASIS DEDUTING THE TDS ON INTREST THEN WHY ASSESSE HAVE TO PAY ADVANCE TAX.AS SAME FINANCIAL YEAR TAX DEPOSITED BY THE BANK AND UPTO RS 500000 TAX RATE FOR INDIVIDUAL IS 10%.SO NO POINT OF TAX EVASION ARISE.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

10 June 2014 dear friend,

the above answers were based on assumption that you have other incomes too and more of a generalized answer.

if there is no other income, as you didn mention in the query itself, then no advance tax shall be paid under these circumstances.

Guest

Guest (Expert)

10 June 2014 TDS is just like advance tax... if they deducting equal to your advance tax liability u need not to pay Advance Tax

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

10 June 2014 actually they are deducting more than the total tax liability. we just didnt read the query correctly!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

10 June 2014 actually they are deducting more than the total tax liability. we just didnt read the query correctly!

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2014 THANKS TO EVERY ONE ,SO AT LAST AS PER THIS PROBLEM ASSESSE WILL NOT REQUIRED TO DEPOSIT THE ADVANCE TAX AS BANK IS PAYING THE TDS ON INTREST AND I HAVE TO CLAIM THE REFUND FROM INCOME TAX DEPARTMENT. AS UPTO RS 200000 I M NOT LIABLE TO PAY TAX .AND BANK HAVE DEPOSITED TDS OF RS 50000 IN MY NAME TO DEPARTMENT BUT ACTUALLY MY TAX IS RS 30000(10%ON 500000-200000) SO I WILL CLAIM OF RS 20000. PLZ TELL.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

10 June 2014 yes. you will be able to claim refund. but the tax liability sahll be 10.30% ie 30,900 and principal refund amount shall be Rs 19100

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