Income tax

Hi All,

I need your's help

We have net taxable salary is 900000 for F Y 2015-16. under head income from salary

second he is earning Interest on FD,saving account of Rs 45000 on which @ 10% 4500 tds is already deducted so 

now we have to pay additional tax on interest as per slab rate or not plz help me 

i want to saying 

900000+45000 = total income under 5 head of income is 945000/-

so now which the difference coming we needs to pay  

OR

interest income on which tds @ 10 % deducted will not be taxed again 

thanks in advance 

 

Replies (3)

Hello Kapil,

The taxa payable shall come around Rs 1,10,000.

Pleasenote I have not taken dedcutions under 80C for the above tax computaion

Hello Kapil,

The taxa payable shall come around Rs 1,10,000.

Pleasenote I have not taken dedcutions under 80C for the above tax computaion

Thanks for the reply

Tell me one thing 

once tds is deducted @ 10% on interest then after that he also needs to pay remaining tax on interst because he is coming in 20% slab rate or he no needs to pay any tax after deducting 10 % tds on interest.

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