INTEREST INCOME FROM BANK

This query is : Resolved

sumit garg (Querist)
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21 June 2011 MY INTREST INCOME FROM VARIOUS BANKS ARE 42000 AND OUT OF THIS TDS IS DEDUCTED ON 20000 ONLY BECAUSE BALANCE AMOUNT OF INT IS FROM 3 BANKS ( 7000 , 8000 ,7000 ) AND ALL THOSE BANKS NOT DEDUCTED TDS BECAUSE INTEREST AMOUNT IS BELOW 10000 SO HOW I TREAT THIS KIND OF INTREST INCOME BECAUSE AS PER NEW AMENDMENT IN INCOME TAX , PERSON HAVING SALARY INCOME AND INTREST INCOME BELOW 500000 ARE NOT REQUIRED TO DEPOSIT RETURN AND FORM 16 AND 16 A IS ASSUMED AS RETURN FILLED SO IS THE AMOUNT OF 22000 ( FROM 3 BANKS ) COVERED UNDER CONCELAMENT OF INCOME OR IT WAS DUTY OF THE BANKS TO COMPILE THE INTEREST INCOME OF OTHER BANKS AS WELL ON THE BASIS OF PAN CARD SO PLEASE CONFRIM MY ROLE IN CASE OF THOSE INTEREST ON WHICH BANK NOT DEDUCT TDS

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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21 June 2011 the CBDT HAS YET TO COME WITH AN APPROPRIATE NOTIFICATION IN SUCH CASES
WAIT TILL THEN
GOING BY THE NEWS REPORTS IT APPEARS U WILL HAVE TO FILE RETURN
BANKS DID NO WRONG

CA MANOJ GUPTA
JODHPUR
09828510543

sumit garg

sumit garg (Querist)
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22 June 2011 SIR , IF WE INCLUDE THE INTEREST OF 22000 IN OUR INCOME THEN AGAIN GROSS TOTAL INCOME WILL BE BELOW 500000 AND FOR THAT NO RETURN IS REQUIRED , RETURN IS REQUIRED ONLY IN CASE OF REFUND SO PLEASE UPDATE