Hi,
My Taxable Income is 600000 ( Only my Salary). I have a 194 A credit of Rs.83000, for that TDS is Rs8300 ( 10%). Should I include this 194 A credit too as other source of income? If yes, it goes into 20% slab and will ask me to pay Rs.8300.
How should I file my tax in this case? And what form should I use.
Pls help.
Cheers
Arvind B
Yes, you will have to include this income as income from other source. Use ITR1 only & fill the details in the TDS tab for form 16A. You will need to pay the extra tax that arises on account of the inclusino of this income. Does this tax liability arises after giving the credit of TDS for 8300.
yes,other sources income must be included .
| Originally posted by : Giridhar S Karandikar | ||
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Mr. Karandikar, My question is inline with 194A. For my wife, her income from interest on bank saving account is Rs.8000/-. This I am updating in 'income from other sources- Schedule OS' - 1.b. 'interest gross' in ITR-2. Her other income is as per '194A - Interest other than Interest on Securities'. That is Rs.70000/-. On this income, deductor has already deducted Rs.7000/- TDS as per Form 16 A in year 2011. She has no other income. Do I have to add this income of Rs.70000/- in 'income from other sources- Schedule OS' - 1.b. 'interest gross'? Secondly in Schedule TDS2, in column 5, can I claim for whole amount of Rs.7000/-? Regards. Umesh
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Mr Umesh, yes you will have to include the income as income from other sources as gross income. In the TDs tab show the gross interest & the TDS amount.
also as the income of your wife is belo the exemption limit, you can claim the amount of TDS of 7000 as refund.
If your wife's income is below the exemption limit, then ask the person paying the interest not to deduct tax since her income is below taxable limit no TDS needs to be made.
Thanks Mr. Karandikar.
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