How much tax i need to pay

Salary Income 302,330 (Assuming after all exemptions like HRA, Conveyance etc)

Interest Income 22,000

GTI                    324,330

Less 80C       100,000

Net Income    224,330

Tax on above @ 10.3% - 4566

TDS (2300+291)               2591

Balance Tax                      1975/-

If you file your return before end of this month no interest.

otherwise 1% interest on tax liabiity for every month or part of the month

Thanks for the reply Mr.Manjunath:

But as per my understanding Bank Intrest upto Rs.10,000/- is non tax-able and I have gained in total of Rs. 22,000.

Now if we deduct Rs. 10,000/- from Rs.22,000/- the balance of Rs.12,000/- should be taxable.

I have no idea of taxation however what ever i have heard and read from the articles. Please suggest that do i have to pay tax on whole intrest gained from the bank or I can deduct Rs. 10,000/- ("And can pay tax on Rs.12,000/-)" or else I have to pay tax on total intrest gained from the bank.

Regards,

Kunal Chib

Ph: +91-9999108998

Bank interest upt Rs. 10000 is exempt from next year onwards. This interest should only be from Savings Bank Account, and not from any Term Deposit Accounts.

Manjunath is correct.

Yajendra thx for your reply....

Next year you mean the current financial year(2012-2013)...is it correct?

Yes, From PY 2012-13, the provision is applicable