06 June 2016
My taxable income from employment is Rs.577,053. On his TDS of Rs.33,157.00 has been done. My income from from Bank Fixed deposit interest is Rs. 23,268.00 on which TDS of Rs. 2,328.00 has been done. Am liable to pay any further tax? Kindly clarify
06 June 2016
If taxable income after all deduction is Rs. 577053 + taxable interest 23268 Total will be 600321. On that amount tax will be Rs. 46416 and tds total is (33157 + 2328) Rs. 35485. So Pending tax liability as said by Abhaysir is right. You have to pay payable tax as self assessment tax and file income tax return.
06 June 2016
TDS on FD is deducted 10% but you falls under 20% Slab Difference Tax along with Education Cess to be Paid under Self Assessment Challan-280
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