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Is tax liability arise?
If any person not given his pan number in bank and bank deduct tax at source @ 20% on accrued interest on his time deposit. Person want to file return his estimated income up to 6 lacs excluding accrued interest income of time deposit. Whether such is taxable or not ? please explain.
Replies (5)
What is the age of the person?
Person age is 33 year
First thing you give PAN No. and request bank for TDS return rectification so that TDS comes in your 26AS statement.
In case of senior citizen , time deposit interest + SB interest upto 50000/- is deductible under 80TTB
Filing return which is mandatory in your case, show all sources of income including Time Deposit interest and then take Deduction under 80C , 80D, 80TTA , 80TTB ( for senior citizens) etc and claim TDS deduction as per section 26AS.
*AGE * of the person is not relevant as far as return filing is anyway compulsory for you.
In case of senior citizen , time deposit interest + SB interest upto 50000/- is deductible under 80TTB
Filing return which is mandatory in your case, show all sources of income including Time Deposit interest and then take Deduction under 80C , 80D, 80TTA , 80TTB ( for senior citizens) etc and claim TDS deduction as per section 26AS.
*AGE * of the person is not relevant as far as return filing is anyway compulsory for you.
If rectification is not possible?
That is the only way out. Somehow you must convince bank.
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