Whether tax implications will be applicable on not????

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2015 Please help me out for the following question?

Mr. A is a agent in property deal and suppose he earns Rs. 2 crores as a commission from the property deal for which the TDS has been deducted u/s 194H @ 10%. And Mr. A deposit the remaining amount of Rs. 1.80 crores in Fixed Deposit as an investment.

Question-1) Whether the tax will be applicable for Rs. 1.80 crores which has been kept as FD OR not??? OR tax will applicable only for the interest on FD???

Question-2) If Mr. A gets Rs. 2 crores without deducting TDS and invest the whole amount as FD, then whether tax will be applicable on Rs. 2 crores or not OR only on the interest component of FD???

Please help me out,

Regards,
Rahul

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 August 2015 1 Tax will be applicable on 2 crore. Income tax return has to be filed and applicable tax has to be paid besides TDS.
Tax also applicable on FD interest.
2 Tax payable whether TDS deducted or not.

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