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Payment of tax on savings bank interest amount

468 views 10 replies

trnghosh

sr asst

229 Points Posted on 27 March 2019

I got the last savings bank interest on 25.03.2019 and as it is taxable I am trying to pay the amount of tax on the interest amount. I select

(0021) Income Tax (Other than Companies)

(300) Self Assessment Tax

Assessment Year 2019 20

But at the time of proceeding I got this message "Assessment Year cannot be greater than the current financial year for the type of payment selected by you"

If I select

(100) Advance Tax there is no problem, should I proceed with this one or anything is wrong in my part. I am an individual salaried person.

Please reply quickly as I have to pay within 31.03.2019.

Many thanks for your time.

T K Ghosh

Replies (10)

trnghosh

sr asst

229 Points Posted on 27 March 2019

Oh then I have to choose 100 ( advance tax) for paying this one. Many thanks for the reply.

Sahil Jain (FAFD, DISA, CA)

Practicing Chartered Accountant

2481 Points Posted on 27 March 2019

Yes, you have to select advance tax if you are making tax payment before 31st March

Sethu Raman

160 Points Posted on 27 March 2019

under section 80tta, all normal persons are eligible for tax exemption as Rs.10K for savings and FD interest.

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 28 March 2019

@ Mr trnghosh...

Why you will pay Advance Tax...?
Is Your tax liability exceeds above 10k...?

trnghosh

sr asst

229 Points Posted on 28 March 2019

In response to all of your question I have to say that I am a salaried person and my employer deducted an amount of Income Tax Rs 83384.00 for the financial year 2018-19 against my salary , and as per my thinking the interest which I have earned in my savings account is also taxable and I have to pay tax on this interest amount so I like to pay the advance tax ( though the interest amount is very very small ) . If my thinking is wrong please guide me quickly as I have only two days to pay this one.

Thanks for all of your help so far.

Sahil Jain (FAFD, DISA, CA)

Practicing Chartered Accountant

2481 Points Posted on 28 March 2019

If your interest amount is below 10K then no need to pay Advance tax on same.
Because you will offer interest amount as income and claim deduction of same under sec 80TTA.
So don't worry if your interest amount is below 10K