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Fd interest

Janaki (Account Assistant) (93 Points)

03 July 2014

Hi..

I have ine query...

One of my clients has FD interest of Rs.30488 and TDS deducted Rs.3049

TDS is reflecting in Form 26 AS.

My question is: Should I show interest income in ITR 1 under the head income from other sources even if TDS is deducted?

If it is shown and entered TDS 2, it is showing tax payable not refund..

Does he get refund of TDS or no?

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13 Replies

CA and CMA Ravinder Singh (CA and CMA) (853 Points)
Replied 03 July 2014

income of ur client may be falling in 20% tax bracket....

(Guest)

ya ise itr me show karna rahega aur tds ka deduction milega

praveen (Chartered Accountant) (6971 Points)
Replied 03 July 2014

You need to see if income under other heads is making the interest to fall under the 20 or 30 percent slab... Since bank would have deducted only 10 percent balance has to be paid by your client

Shashank Upadhyay (Students) (288 Points)
Replied 03 July 2014

u shd show the intrst amt as income (other sources) and claim tds deducted by bank. It will be refunded only if tax payable on total income is less then then amount deducted as tds.

RADHIKA JALAN (agarwal) (1521 Points)
Replied 03 July 2014

Hello Janaki If ur client is not having any other income such as from house property/capital gains or business then ITR1 shall be filed and TDS refund can be claimed

S.GANESAN (AUDIT MANAGER) (110 Points)
Replied 04 July 2014

Check the Total Taxable Income and then check which TAX Bracket he/she is coming.

Then you will understand whether it is REFUNDABLE r futher TAX PAYABLE

Nagam saisameer (CA FINAL ) (170 Points)
Replied 04 July 2014

@ janaki .may i suggest you to post complete income details to judge whether taxable or refundable. Further it may be well if you could caluclate as per slab rates for FY 2013-14 (i.e 2014-15 slab rates). Further you may keep in mind sec 87A i.e regarding about the rebate of 2000 rs available whose income is below Rs 500000 Net total Income .

varsha (Chartered Accountant) (68 Points)
Replied 04 July 2014

Income as interest has to be shown in ITR even if TDS is deducted. The details TDS so deducted will be filled in the TDS tab of ITR and if tax is not calculated under any other provision this TDS can be claimed as refund.

Ramanuj (Accountant.) (834 Points)
Replied 04 July 2014

Dear all

Before make a computation as per income to see slap of income tax. if your income exess of slab rate 10 %, 20, & 30 %. not having refund because you tds deducted by bank 10% but slab rate have 20 % & 30 % to be tax paid.

Thanks & regards

Ramanuj

Ramanuj (Accountant.) (834 Points)
Replied 04 July 2014

Dear all

Thanks & regards

Ramanuj

Hemant (Accountant) (21 Points)
Replied 05 July 2014

Hi,

FD interest in the tds deducted 10% and claim refund in detail Form 26 AS.

VIKASH KUMAR JAIN (Audit Executive) (711 Points)
Replied 06 July 2014

Please clarify.Why 10% tds refund cannot be claimed against 20%, 30% Slab.Explain with example.TDS is a kind of advance tax.

A K Jain (Service) (160 Points)
Replied 07 July 2014

Yes,FD interest is taxable & to be shown in ITR alongwith TDS details . Based on total income, form will calculate & indicate taxable/refundable amount.