Income from Multiple Sources

Tax queries 482 views 3 replies

Seth

148 Points Joined March 2010

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

Replies (3)

CA. RUPESH JOSHI

Chartered Accountant

174 Points Joined September 2009

You have 2 options either to pay advance tax instalments on the basis of estimated income or you may inform your employer about your other sources of income to enable him to calculate the requisite tax and pay it by way of TDS. Since you are salaried sec. 44AB is not applicable. It is applicable in case of business and professions only

CA Pramod Jain

manager finance

1577 Points Joined April 2009

Answers are

1. ya you need to pay remaining 20% tax on interest.

2. you will have to pay estimated advance tax.

3. you don't required to go for audit.

Bimal Thacker

Proprietor

767 Points Joined December 2009

I agree with the above both expert, however regarding audit, I will say if your turnover in trading in darivative excees 40 lacks, then tax audit is necessary.