Fixed deposit tds claim for last fy

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Taxquery13

CFA

28 Points Posted on 29 July 2013

Hi,

I am facing issues in filing Income tax return. I had a Cumulative Fixed Deposit which I bought in FY 2011-2012 and TDS ( @ 10%) was deducted in the same financial year. This fixed deposit got matured in the last FY 2012-2013 and as I have opted to stick to Receipt / Maturity Based Tax Filing, I need to file the returns by July 31, 2013.

How can I claim tax deductions done in the last to last financial year against the maturity in the last financial year?

Any other suggestions/ leads are most welcome!!

Regards,

Replies (5)

Gowtham

Student CA IPC / IPCC

121 Points Posted on 29 July 2013

Kindly Consider the Interest income for the financial year 2012 -13( TDS deducted is only for the FY 2011 -12 Interest income by the bank ) So u have to show the balance income for the year to be taxed

Taxquery13

CFA

28 Points Posted on 29 July 2013

Another point to be noted here is that I come in 30% tax bracket.

Is it a right practice for cumulative fixed deposits that in the FY of maturity I show its maturity amount in income from other sources and in the TDS deducted columns, I can feed in the deductions done by bank in the past 1 or 2 years.

Originally posted by : Gowtham

Gowtham

Student CA IPC / IPCC

121 Points Posted on 29 July 2013

You Should claim for Only 2012 -13 only TDS ( Dear Friend Before Filing Kindly Consider Sec 80TTA interest income can claim Upto 10000 as deduction from FY 2012 - 13.

Taxquery13

CFA

28 Points Posted on 29 July 2013

As far as I understand, section 80TTA is for interest earned under Savings Bank Account and does not incorporate interet from Fixed Deposits.

Seniors, kindly throw some light on my issue!!

Dipjyoti Majumdar

CA in service & CS. dipmaj@

2873 Points Posted on 29 July 2013

It is better to report your incomes and TDS thereon as per 26AS rather than cash basis which you love. I woudl suggest you revise the earlier year return if not assessed till date and file this year's return accordingly. You and I understamd logic but not the Bangalore people while making summary assessments.

Act fast !

Thanks,