Income tax on fd's

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This query is : Resolved

Venkat (Querist)

09 July 2013
For the financial yr 2012-13
TDS deducted on Bank FD at 10%. I am in 30% tax bracket. The balance tax to be paid by me is Rs. 4600/-. If I pay this amount by 31.07.13, should I be paying any Penalty/ interest.

CA PAWAN SETHI

CA PAWAN SETHI (Expert)

09 July 2013 Since tax liability is not exceeding rs10000 there will not be any interest till July

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

09 July 2013 Tax Liability is not less than 10000/- since TDS amount is also a part of Tax liability. Rs 4600 is the short fall amount of Tax after deduction of TDS. How can tax liability be Rs 10000/- when he is in 30% tax bracket. To caclculate the quantum of interest go to link given below and put the required data---

https://finotax.com/itax/intt234.htm

Venkat

Venkat (Querist)

10 July 2013 Thanks for clearing my doubt.

CA PAWAN SETHI

CA PAWAN SETHI (Expert)

10 July 2013 Mr. Sanjay you are right. It is assumed that all the income and TDS excluding the fdr has already been taken into effect.
If only interest on fdr is left. even though income fall under 30% slab. remaining tax liability if below Rs. 10000 there will be no interest.
Now sanjay i hope u got the point.

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