Hi everybody out there! I am a salaried professional. Everything was going fine until I thought of filing returns. I have the Form 16 provided by my employer & there are no issues there. Now, facts & figures regarding my salary account are good, but the problem lies in my savings account that I have in a different bank. I had an interest income way more than RS 10,000 last year, but the bank never deducted any TDS & so, I never paid any tax on my interest income so far. I know I need to show my interest income under the "Income from Other Sources" while filing ITR1, but I don't know where to pay tax now. I don't use the efiling way of tax return. What I want to know is where can I pay tax on my interest income. Can I pay it with my savings account bank using Form 28 or something else is required. Can I pay it in cash or cheque/demand draft will be needed. Will the cheque/demand draft in the name of bank or the government? Please clarify. Also, will I have to pay any penalty for not paying tax on interest income? I don't know the last date of submission of taxes on interest income, that's why I am asking for help. Thank you.
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Paid no tax on interest income!
Nobody interested in helping me!
Really, Guys I wasn't asking for something controversial...
If it is not too much, just clarify what form (Form 28 or Form 15 or any other) has to be submitted with my savings account bank for paying tax on my interest income?
Thank you very much Mr. Tribhuvan Aditya Singh.
Just a last query, what form (Form 28 or Form 15 or any other) should be apt for paying tax on interest income in cash?
Interest from saving is exempt upto Rs. 10,000/-. If you wish to add interest income in your ITR, and there is some tax payable, then you may pay taxes online by visiting income tax website. It will route you to your bank and may debit your account directly using the prescribed form.
Only after your tax liability becomes nil, then you may file your ITR online before 31st july.
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