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Urgent income tax return query

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Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 While doing the Income tax return of my aunt who is working in a nationalised bank, I came to know via form 26 as that tax has been deducted u/s 194A for the amount 2,97,269/- (TDS 29,728/-) none of which is specified in form 16.

Total income after deductions according to form 16 is 4,66,150/-to which the TDS of 20,203/- is paid.

Now when the unspecified amount of 2,97,269/- is added to the income, the total tax to be paid is 80,015/- and after deducting the total tds of 49,931/- (20,203 from form 16 and 29,728 from 194A deduction) balance to be paid is 30,084/-

Is this because the 194A income was not specified in form 16 and thus when income slab increased, tax also increased?

Please reply urgently..

Amol S Joglekar

Amol S Joglekar (Expert)

27 August 2015 Both the deductors are independent of each other.
under 194A the TDS seems to have been done at 10%, as per that section's requirement whereas the slab rate gets changed to 20% for the income exceeding 500,000

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