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