Sir,
My mother is 61 year old has FD of RS 4lack which was mature in the month of feb 2017,with no other income ,the bank has deducted TDS near about Rs 17000.
So i want to know whether file has to be made to get the refund or is there any other way?Though she has no sources of income.
Yes. The net tax liability on your mother comes to around Rs. 5,150(10,000 [slab rate] - 5000 [rebtate 87a] +150 [cess]).
But bank has deducted Rs. 17,000 as TDS.
Hence, if you want to get refund of Rs. 11,850 (ie., 17,000 - 5,150), you need to file the return ITR-1 within due date, by following steps given above.
You can show Rs.4 lakhs as "Income from Other sources". Dont forget to claim rebate of Rs.5000 against cell D2 in part D.
on FDR of rs 4 Lakh , TDS cannot be deducted rs 17000/-, please check bank has valid PAN of your mother. if FDR rate is 8% ,then interest will be 32000/- and TDS Will be 3200/- only.
Oh sorry.. My apologies.. Just now, I re-read your question and realised that I had mistakenly considered the amount of Rs. 4Lakhs as Income of your mother...(when infact it was the FD Amount). Only the Interest element received on maturity is taxable.
Please ignore the calculations I have given in my previous answer..
@ Mr.Ashim Kr Ray.. Please check actual income from her 26AS and you may confirm her tax liability by using some tax calculator. The following link is a good income tax calculator: (select AY 2017-18 and fill remaining details in relevant fields)