Tax calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2012 i m a pensioner....retired in december 2011...i m having 22lac as my salary....which is coming in 30 percent slab.of tax

my bank has done tds on my fd...which is 10%

is i m rquired to show the fd interest in my itr-1

if not why

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 July 2012 Yes, You have to show Interest on FD in your ITR-1 under the head Income from Other Sources as well as claim TDS of 10% which is deducted by the bank. And the balance of tax payable pay now i.e at the time of filing of return as self assessment tax.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2012 thanks for the advice...:)

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 July 2012 I.e Your taxable income is

Income from Salary+Interest on FD-Chapter VIA deductions(If any).

Now compute the total tax payable according to the applicable rates of tax on your taxable income.

Now deduct TDS deducted by the bank as well as deducted on Salary.

Now Pay the difference tax payable as self assessment tax.

OM SAI SRI SAI JAI JAI SAI