Hi All,
I am male (aged 28 Years) and will be filing an online ITR1 return myself. I am a salaried person and also have some earnigns from Bank FDs. I have some query regarding ITR1 calculation.
As per my Form-16 I have come up to following calculation.
| Taken from From-16 | Calculated as per ITR-1 for (FY 2012-2013 - AY 2013-2014) | |||
| Earnings (FY 2012-2013 - AY 2013-2014) | Earnings (FY 2012-2013 - AY 2013-2014) | |||
| Income chargeable under the head 'Salaries' | 825170 | Income chargeable under the head 'Salaries' | 825170 | |
| Interest from Bank FD Interest | 27757 | |||
| Total Earning | 825170 | Total Earning | 852927 | |
| TDS Deducted | TDS Deducted | |||
| From Salary | 74150 | From Salary | 74150 | |
| From Bank FD interest | 2778 | |||
| Totol TDS deducted | 74150 | Totol TDS deducted | 76928 | |
| Deductions under Chapter VI A (Section) | 115216 | Deductions under Chapter VI A (Section) | 115216 | |
| Total Taxable Income | 709950 | Total Taxable Income | 737710 | |
| Tax payable on Total Income | 71990 | Tax payable on Total Income | 77542 | |
| Education Cess | 2160 | Education Cess | 2326 | |
| Total Tax and Education Cess | 74150 | Total Tax and Education Cess | 79868 | |
| Tax payable | 0 | Tax payable | 2940 |
As you see if I declare Bank FD interest on ITR1 calculation I end up paying Rs 2940 to IT Depatment.
Is my ITR1 calculation correct or am I missing anything here?
Any input is highly appreciated.
Thanks in advanced.
CAclubindia
