Income tax on bank fixed deposits

Dear Sir,

While filing your Return of Income on or before 31-07-2013 or as notified by CBDT you will show this interest,calculate tax,pay self-assessment tax and file return.

While calculating tax the tax deducted by bank has to be reduced from payable tax.

kkm

Dear shailesh.  You do not get any exemption on FD interest.  Only on savings bank account you get exemption upto Rs10000.

You will need to show your FD interest of 17690 as income from other source. If you are filing your return online then you need to provide the TDS details in the TDS tab under the Form 16A section.  If filing return offline then you need to mention you TDS details in hte retrun form.

While calculating you total tax liability you will get a credit of the TDS made by the bank.  If there's any tax remaining to be paid while assessing your tax liability then you can pay it online from any of the websites such as the income-tax website or the SBi website or you may also pay from the bank in whihc you have your savings account.

After paying the tax an online challan will get generated. You need to put this challan no in your I-T return.