TDS Refund & Total IT

This query is : Resolved

R N Bhattacharyya (Querist)
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09 July 2009 my query was not resolved in proper way, however, I am again putting my query.
1) I am retired(+60 yrs) Engineer from SAIL.Except my quarterly Bank FD interest,I have no other earnings, no IT rebate savings scheme too.
2) Annual FD interest is Rs.1,80,000/- and paid in every quarter.
3) What will be my total IT for 2009-2010 ?
4) In my first quarterly FD interest,paid on 29/06/09, about Rs.4000/- have been deducted as TDS.
5) does it conform to the latest budget? If more, how I can get back the money hassle free.
Experts are requested to reply point by point.
Thanks.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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09 July 2009 Sorry if my points not clarify your quries.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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09 July 2009 1)Total Income Tax Payable for 2009-10 - NIL.
(Since Income is below basic exemption limit).

2)Please furnish Form 15H to the bank for non-deduction of TDS.

It will be provided by the bank itself.

Hope it resolves your doubt.

If you have further queries, you can message me.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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09 July 2009 1. On the income of Rs. 180,000 the total tax liability will be Rs. 2060 for the financial year 2009-10.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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09 July 2009 2. As your tax libility is less as compare to final tax liability you can produce form 15H to bank (they already have this, only you need to sign)not to deduct TDS on the interest.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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09 July 2009 Nitin, Nil rate is only applicable if Mr. Bhattacharya is more than 65 years as in that case exemption limit goes to 240,000.

Mr. Bhattacharya, please note that the points given by Nitin is only applicable if your age is above 65 years.

Rajesh

Rajesh (Expert)
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09 July 2009 your Tax exemption limit for the f.y. 2008-09 was Rs.225000/-
and
Exemption limit for the f.y. 2009-10 is Rs. 240000/-

you have to pay tax if your income cross the limit in respective year.

while total income is Rs. 180000/- than no need to pay tax in your case ( sr. citizen)

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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09 July 2009 I assumed that Mr.Bhatt is above 65 years since he has mentioned +60 years.