TDS Refund
This query is : Resolved
R N Bhattacharyya
(Querist)
08 July 2009
I am a senior citizen(+60 yrs). After my retirement from a PSU, I have deposited some amount in a Public Sector Bank(BOB), which will fetch Rs 1,80,000/- interest per year and payment will be made quarterly.
1)As per the 2009-2010 budget, how much amount I have to pay as IT. I have no deposits under any IT debate category.
2)1st quarterly FD interest, in this financial year, is made on 29th June 2009 deducting about Rs.4000/- as TDS.
3)If the TDS amount is higher than my actual income tax for the whole year, how could I get back the amount in my S/B account, without any hassle, as due to my health problem, my movement is well restricted by Doctor.
Thanks.
1)As per the 2009-2010 budget, how much amount I have to pay as IT. I have no deposits under any IT debate category.
2)1st quarterly FD interest, in this financial year, is made on 29th June 2009 deducting about Rs.4000/- as TDS.
3)If the TDS amount is higher than my actual income tax for the whole year, how could I get back the amount in my S/B account, without any hassle, as due to my health problem, my movement is well restricted by Doctor.
Thanks.
CA Tilak Raj Sharma
(Expert)
08 July 2009
1. Income tax will be calculated as per your total income as you have not given the details of your total income. Only interest income is given.
For Income tax purpose Senior Citizen is 65 year and above not 60 sixty years.
If you are below 65 years then there will be no tax on the income upto 160,000.
AND if you are 65 years and above then there will be no tax upto income of 240,000.
For Income tax purpose Senior Citizen is 65 year and above not 60 sixty years.
If you are below 65 years then there will be no tax on the income upto 160,000.
AND if you are 65 years and above then there will be no tax upto income of 240,000.
CA Tilak Raj Sharma
(Expert)
08 July 2009
2. They are deducting TDS @ 10.30%
CA Tilak Raj Sharma
(Expert)
08 July 2009
3. to get your refund in your bank account you need to mention your bank account, MICR code and yes for ECS transfer in your income tax return.
CA Tilak Raj Sharma
(Expert)
08 July 2009
If you need my help to prepare ITR for any year you can email me on ca.tilakrajsharma@yahoo.com. I am a practising Chartered Accountant.
CA.Nikhil Gupta
(Expert)
08 July 2009
Mr Tilak is correct
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