Dev (Others) (47 Points)
20 July 2013Below are my ITR detail in brief:
1. Income from Salary: 5,97,966
2. 80C deduction: 1,00,000
3. Taxable Income from Salary: 4,97,970
4. Total Tax deducted: 30,961
5. TDS deducted on Income other then Salary (FD): 3,476
6. Total Tax Paid: 34,437
Now when I click Calculate Tax on ITR 1 form, it says Refund: Rs 3,750
My question is why I am getting refund back of 3,750. (though it is good I am getting back, but I am confused).
Please help!
Syed Aamir Qadri
(Consultancy)
(35 Points)
Replied 20 July 2013
Please include Interest Income ( on FD ) underthe head income from other sources and then check.
Varsha
(Student)
(1164 Points)
Replied 20 July 2013
Dev u r nt showing Intt. on FD under income from other sources that why it is refunding tds on income other than salary alongwith its intt. thereon.
Dev
(Others)
(47 Points)
Replied 20 July 2013
Thanks Syed & Varsha,
Now Refund is 0 
But Tax Payable is: 3,200
It means they have included the FD interest under 20% slab.
But as much I know Bank interest can only be 10% (if PAN is specified) independent of person's income tax slab.
Please le me know if I am wrong.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3469 Points)
Replied 20 July 2013
Your TI after interest income exceeds 5L making you fall in 20% slab. The bankhjas rightly deducted @ 10% under section 194A. Therefore the balance 10% is payable by you alongwith education cess.
Dev
(Others)
(47 Points)
Replied 20 July 2013
Thanks Dipjyoti for the reply,
but what if I don't show my FD interest in ITR 1 form in order to save that extra 10% tax. Will it cause any trouble later ?
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