Regards income tax return.

This query is : Resolved

Guest

Guest (Querist)

24 February 2012 good morning sir\mam
I want to know that supoose my income after deduction is 3.50 lakh and bank interest(orientel bank of commerce) is 10000 than will i fill my return for f.y 11-12. and will bank deduct my tds on interest.plz clear
thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 February 2012 The interest is from saving account or fixed deposit?

If the interest is from saving account, then TDS will not be deducted.

Even if the interest is from FD, TDS will not be deducted because the interest amount does not exceed Rs. 10,000/-.

As far as filing income tax return is concerned, you will have to file income tax return because your income exceeds the exemption limit.

However, if you are a salaried employee and you declare the interest income to your employer and the employer deducts TDS on the entire income, then you need not file a return.

Guest

Guest (Querist)

24 February 2012 BUT SIR MY INCOME LESS THAN 5 LAKH

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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03 March 2012 Why we should file the return when income is less than 5 lakh

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=12996

Message likes : 1 times

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 March 2012 I have mentioned in my reply that if you are a SALARIED employee and have disclosed all your income to your employer and your employer has deducted TDS on the total income, then you are NOT liable to file a return.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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04 March 2012 @ Sidharth you are right. not liable to file the return. but if he files than its good in some cases as written in my article.

and he is satisfied with my opinion and filing his return and send me thanks for this suggestion.

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