HI Everyone,
I am a salaried employee with net gross income of 10 Lakh plus (after deducting all tax saving investments) and I get FORM16 from my employer. Along with that, I also have income from following:
- online advertising like Google Adsense (around 50K)
- Trading Derivatives (around 50 K)
- Income from Savings & Fixed Deposit Interest
My questions are:
1) My bank deducts income tax at source at 10% for Savings & Fixed Deposit Interest. Since I am in 30% tax bracket, do I need to deposit the remaining 20% tax seperately??
2) My employer deducts TDS every month. But for my income on advertising and derivatives trading, do I need to pay the income tax before any specific date (say 15th march)? OR can I wait till end of March and then calculate my total income after closing my derivatives trading position?
3) Since my total income is going to be around 11 Lakhs, do I need to go for audit (being a salaried employee)??
Thanks,
Seth
CAclubindia
