Return Filing: Salary + Income from FD & Savings Account

Hello Everyone,

 

Require some help with consolidating income before filing the returns. I am a salaried employee in 30% tax bracket and have received my TDS certificate from employer. Also received TDS form from my bank which shows Income from FD and savings account as 49381.00. 

On that amount, bank has deducted TDS as 4939.00 (i.e. at 10%)

 

Q1. Since I'm in 30% tax braket, do I need to pay additional tax on this income from bank? OR is the rate on Bank income fixed at 10% irrespective of individual's tax bracket.

 

Q2. If I have to pay at the rate 30%, then will it be 20% of 49381.00 i.e. 9878.00 or do I need to pay anything additional? Is 20% correct calculation?

 

Q3. Is there any penalty or interest to be paid for above?? 

Please guide me with the right answers.

 

Thanks,

Shekar

Replies (3)

Dear Mr. Shekhar,

 

You have to file  a  SARAL -II, Your total income will be aggregated ( i.e.  salary income and interest income)  and then  tax will be calculated  on such aggregated total income and differece will be pay through challan  under self assement tax.
 

Hello Mr. Khan,

 

Thanks for your quick response. 

For more clarity, can I request you to please let me know if my assumptions mentioned in point Q1 and Q2 are correct and how should I calculate the interest+penalty to be paid for Q3?

 

Thanks a lot for your help.

Dear Shekhar,

it is looking that you are asking for Return filing for A.Y. 2010-11......

if it is true, then you are not required to pay any interest or penalty if you pay your dues i.e. self-assessment tax before 31st July,2010.

But if your tax liability was becoming more than Rs. 10000.00, in that case,  you are required to pay Interest u/s 234B and also Interest u/s 234C (for default and deferement in payment of advance tax).......

Regards,

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