TDS u/s 193 on Fixed Deposit interest payt has been deducted by Bank. @ 10 %.Now while filing return having salary income and interest income there is a tax payable of Rs 31 which is Edu cess on interest income .All tax with edu cess on salary is already deducted in form 16.Whether any tax liability below 100/- is payable ?
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Income tax liability below rs 100
Replies (1)
Hi Girish,
The sec 288A of Income Tax Act explains of rounding off function means that if the amount is less than 5 the same shall be rounded off to 0 however more than 5 the same shall be rounded off to 10, thus there is no provision of not paying if amount is less than 100,
However if you receive a intimation under CPC and there is a demand which is less than Rs.100 you need not to pay that amount.
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