Tds not deducted by bank?

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Dear experts, i need an urgent help.
i m a salaried person n have to file my ITR1.

i also have interest on fixed deposits from bank which is above Rs. 10000.
But bank has not deducted TDS on it.

what i have to do now?i have heard some challan 280 or 281 needs to be deposited?

plz help me at the earliest.

thankyou

CA Kapil Verma

CA Kapil Verma (Expert)
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27 July 2013 Include the income of Bank interest in your gross total income and and calculate the Tax liability.

if your tax liability exceed the TDS amount then pay tax through challan no. 280.

note: remember in a.y 2013-14 saving account interest upto 10,000/- is tax free.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 thankyou sir, bt mine is interest from fixed deposits n total interest exceeds rs. 10,000

CA Kapil Verma

CA Kapil Verma (Expert)
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27 July 2013 first its not your fault that bank not deducted TDS.

but you should meet your tax liability your self.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 k..thnkyou sir..

plz tell me if my tax liability doesnt exceed the tds amount (that bank was supposed to deduct), den what are the implications?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 July 2013 No implications on you. You simply include the interest in your income and pay Tax if your income is taxable after all the exemption and deduction.

You need not worry for TDS not deducted by bank. If Tax required to be paid, pay it through ITNS 280.

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